Evolve is named a HW Tech 100 Award Winner for the 4th Year in a Row!
Sending CONGRATULATIONS to all the HW Tech 100 Award winners!
Evolve provides clients with the opportunity to “Close with Confidence and Fund Next Day with Certainty®!”
Evolve Mortgage Services, founded in 1993, provides technology enabled; outsourced mortgage services and digital eMortgage solutions that enable a true digital process from app to eClose. Empowering mortgage lenders, servicers, and investors to reduce inefficiencies and dramatically improve profitability across the entire lending lifecycle from origination through funding, investor delivery, and closed loan due diligence – the difference is that Evolve offers an insurance policy behind every single transaction to give real protection against diligence errors, help optimize results and allow for valuable resources to focus on growth.
According to Mortgage Bankers Association latest numbers, with rising interest rates and home values, homeowners have almost $28 trillion in tappable equity today. Gaining $1.7 trillion compared to late 2019, according to the Federal Reserve Bank of New York. To tap into that market, lenders are developing HELOC’s and ARM products but since HELOCs are considered “non-transferable” loans by their very definition most originators retain these loans in their portfolio and generate revenue by servicing them.
In a shrinking marketspace, options for liquidity to fund loans is becoming a real challenge for many originators. With this process, Evolve Mortgage Services is generating more funding avenues and innovative, alternative solutions with the ability to eOriginate and eDeliver additional fungible digital assets.
The challenge: Vying for customers by differentiating yourself from your competition in a down market. You really cannot price or come up with a unique enough loan product or even better service when everyone is cutting staff – It must be through delivering a unique process without sacrificing service or quality via technology, such as going digital or reduce fixed costs by outsourcing your mortgage operations. As consumer demand for online banking services continues to rise, there’s no better time than now to implement a digital closing solution that streamlines the end-to-end mortgage experience. Evolve Mortgage Services is really one of the few companies that offers an eSuite of solutions to not only help you survive but thrive in this down market.
The solution: Evolve Mortgage Services, LLC eMortgage division SigniaDocuments. SigniaDocuments, a previous HW Tech 100 winner in its own right, is Evolve’s proprietary document engine built entirely on Category 1 SMARTDocs®. SigniaDocuments is the first company in the industry to be legally accepted and approved to offer the first SMART® eHELOC loan product package where all documents within it are “SMART” = Secure, Manageable, Archival, Retrievable and Transferable. Moving to a digital process saves time, cost and risk for example, a MarketWise study shows lenders transitioning from a paper to a hybrid eClosing save $211.97, or 37%. Additionally, lenders who closed with a full paperless Remote Online Notary “RON” eClosing saved an average of $444, or 91%.
Evolve’s eHELOC® solution enables lenders to originate and eClose within seven days. Through its unique process, eHELOCs are fully digital, eRegistered with MERS®, rep & warranted for compliance to create a fully sellable loan. Because each transaction is fully backed by Evolve’s bespoke Lloyd’s of London policy, investors have additional protection. The real value prop is that if originators use SMARTDocs® to deliver loan documents to investors that now for the first-time investors can actually “trust the data on the documents” because the data actually resides “inside” the document payload and can be systematically auto verified for completeness, compliance and then electronically eDelivered and boarded to your system.
The new process is a total game changer by creating a brand-new marketplace opportunity to originate and sell HELOC’s on the open market by putting in the conditions and controls to ensure the security sanctity and enforceability of the electronic asset. This solution delivers a true market differentiator and competitive advantage. Along with an experienced team of industry professionals, a proven platform, and innovative technology and tools, Evolve provides clients with the opportunity to “Close with Confidence and Fund Next Day with Certainty®!”
The new solution empowers consumers and clients to do more, faster and work “SMARTer”
- Enables lenders to approve HELOCs within seven minutes and eClose lines within seven days! *Using RON eClosing can decrease closing time from 50 minutes to 15 minutes!
- Delivers a fully digital, paperless eOrigination and eClosing process from application to close.
- Provides a superior, streamlined consumer experience and gives consumers instant online feedback, including available home equity, loan options and credit decision.
- Reduces time to close from weeks to days with automated workflows.
- Allows investors to eRegister and board loans the same day for quicker accurate funding.
The link to HW’s feature: Evolve Mortgage Services – HousingWire 2023 Tech 100 Winner
Our sincerest gratitude to the HousingWire team for this honor!