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ComplianceFinanceApril 14, 2020

Guild mortgage announces partnership with eOriginal to provide expanded eClosing capabilities

eOriginal’s Technology will Enable Guild to Offer eNote Option in eClosings; Guild Customers Can Sign Most Loan Documents Remotely

Guild Mortgage, one of the largest and most experienced independent mortgage lenders in the U.S., has announced a strategic partnership with eOriginal, a pioneer in digital lending technology, to offer enhanced eClosing capabilities to its customers.

Guild will incorporate eOriginal’s technology into its eClose solution to create, execute and deliver eNotes, adding a crucial function to its digital mortgage origination process. Guild customers will now have the option to review and sign the eNote remotely, wherever they may be.

Additionally, eOriginal provides an eVault, a secure platform for the management of electronically signed assets, such as eNotes, after they are executed. Once an eNote is signed by a customer, it transfers to additional parties, such as warehouse banks or investors, including Fannie Mae and Freddie Mac, directly through the eVault.

“This is a critical time for the mortgage lending industry in needing to find more efficient and secure solutions for completing a mortgage transaction while limiting personal contact and keeping people safe,” said Mary Ann McGarry, CEO of Guild. “We’re committed to offering our customers personalized digital mortgage options, and adding the ability to sign the note electronically is a big step toward a complete eClosing.”

Guild currently offers a secure eClose solution powered by its proprietary technology and DocuSign to make the signing of closing documents easier and less time-consuming than a traditional mortgage closing. Guild’s hybrid eClose process enables customers to sign most loan documents digitally, with a select few documents signed in ink at closing.

eClose provides enhanced security protections, while reducing paperwork. Documents are retained in an encrypted electronic envelope and accessible only upon successful user authentication.

Lisa Klika, senior vice president and chief compliance officer at Guild, emphasized the importance of the digital mortgage in serving customers at a time when many traditional, paper-based mortgage origination processes are limited due to the restrictions put in place during the COVID-19 pandemic.

“The current environment should provide the motivation for more lenders to move with increased speed toward the digital mortgage,” she said. “Guild has been working diligently the past few years to expand our capabilities by enhancing our internal systems and integrating the best technology from trusted providers. We continue to work to get closer to a fully electronic closing process. We’re pleased to partner with eOriginal to add their technology to our eClose solution to better serve our customers.”

Fannie Mae, Ginnie Mae and MERSCORP Holdings are among the industry leaders currently leveraging eOriginal’s eNote technology to expand the digital mortgage market along with Guild. Brian Madocks, eOriginal CEO, shared his enthusiasm for the partnership and Guild’s ability to provide eClosing options to its customers.

”Guild’s decision to enable remote signing of electronic notes as part of their closing process is timely, and provides the foundation for scale across all forms of digital closings,” he said. “We’re excited to partner with Guild to help them further expand their digital closing capabilities.”

A top-10 national lender by purchase loan volume, Guild specializes in developing unique pilot programs and specialized products to help deliver the promise of home in every neighborhood and community it serves. Its loan professionals can serve the needs of any homebuyer, from helping first-time buyers achieve homeownership, often through government loan programs, to homebuyers looking to upgrade with a jumbo loan. Guild also specializes in helping active duty and retired military personnel to secure VA loans, with 100% financing and flexible qualifying standards. The company is consistently recognized for its impact in the communities it serves, commitment to customer service, strength in regulatory compliance and workplace culture. 

Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Company is a nationally recognized independent mortgage lender offering pilot and niche residential mortgage products and local in-house processing, underwriting and funding. Its collegial and entrepreneurial culture enables it to deliver personalized customer service. Having been through every economic cycle, the company has grown almost 20-fold since 2007, when it first reached $1 billion in production, to $21.71 billion in total loan volume in 2019. It now has nearly 4,000 employees and 222 retail branches in 30 states. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. In addition, Guild services more than 237,000 loans, which totaled $49.43 billion as of December 31, 2019. It has correspondent banking relationships with credit unions and community banks in 43 states and services loans in 47 states.

In December 2020 Wolters Kluwer Governance, Risk & Compliance signed an agreement to acquire eOriginal, a leading provider of cloud-based digital lending software, for approximately €231 million in cash.

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.

Paul Lyon
Paul Lyon

Senior Director, External Communications: Global Branding & Communications

Wolters Kluwer
David Feider
David Feider
Associate Director, External Communications
Financial & Corporate Compliance
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