Before the COVID-19 pandemic struck the world, the technology required to work remotely was already in place. However, it was not until social distancing became the new norm that people realized the true value of this technology. Thanks to the decision to utilize existing technology, the world was able to continue with their lives seamlessly. The use of digital tools such as safe eVaults and eNotes by pioneering entities in the lending industry facilitated the transition from paper and in-person-based processes to electronic closings. This transition ensured that patients could consult doctors and mortgage seekers could realize their dream of owning a home without any hassle. The ability of the lending industry to adapt so quickly and efficiently in the face of unprecedented circumstances is indeed commendable.

Buying a home is a momentous occasion that comes with its own set of challenges. While the process of home scouting can be exciting, the many trips involved and the piles of paperwork can be daunting, especially for those with busy schedules. Unfortunately, some of us even miss out on closing a deal due to prior commitments that make it impossible to commute. 

Fintech companies quickly identified these gaps in the market and were quick to offer digital solutions that make the home-buying process more convenient. However, when it comes to lending, traditional financial institutions such as banks continue to hold the majority market share. The trust that an old and established lender gets is often what gives them the edge in attracting consumers. 

But if these consumers are met with the same old traditional, time-consuming mechanics of the loan cycle, it is only a matter of time before the business slips away to those who can offer more pragmatic and faster solutions. Therefore, traditional lenders need to evolve and adapt to the changing times to remain relevant and competitive in the market.

Electronic Notes: A Digitally Acclaimed Promise

Many people are still using paper-based processes to close a mortgage, which can be time-consuming and prone to errors. Imagine the frustration when a small error in printing causes a delay in the closing. It involves extra printing and money to align the things again for the next suitable day. It is possible to overcome such problems – by using eNotes. eNotes are like digital contracts that hold all the same information as a regular promissory note but with added benefits. 

When eNotes are signed, they are stored in a highly secure format, similar to a digital vault, which makes them far more secure than paper-based notes. They are designed with a special security system that makes it impossible to tamper with them, ensuring that all the information in the note is reliable and accurate. This makes eNotes a great choice for both the person lending the money (the lender) and the person borrowing it (the borrower), as it provides a high level of security and reliability in the lending process.

How Does It Work?

When you apply for a loan, the lender will typically have a standardized system in place that uses pre-made templates for all the loan documents. These templates contain standard legal language and also have blank spaces to be filled in with the specific details of your loan, such as the amount of money you are borrowing and the interest rate. These templates are designed to ensure accuracy and consistency in loan document creation and to save time and effort for the lender.

Once you have been approved for your loan, the lender will use these templates and fill in all the specific information related to your loan, such as the loan amount, repayment terms, interest rate, and any other relevant details. The lender will also provide designated spaces for electronic signatures and initials, which help to ensure that all parties involved in the loan process have agreed to the terms and conditions of the loan.

eNote template is prefilled with the information you give after matching with your public records. You don’t have to fill in your information on different pages as the data is captured through optical character recognition. 

With templates that are prefilled with your information, the page does not move to the next level till all the details are filled. Unless the space is filled the application does not move forward. This feature ensures that there is no data insufficiency and that the promissory notes are in compliance with lenders’ records. 

By using these templates, lenders can minimize errors, save time, and make the loan application process smoother and more efficient for borrowers. So, if you’re applying for a loan, you can rest assured that the lender will use a standardized system that is designed to make the process as straightforward and transparent as possible. 

Evaults: A Cloud Storage Facility

After you sign the loan documents and a promissory note, you need to keep them safe in a secure place just like a physical vault. Similarly, in the electronic world, once you sign a eNote using an eSignature, you should store it in an eVault that is registered with MERS eRegistry. If you find the abundance of electronic terms confusing, rest assured that using electronic storage can provide you with extra peace of mind.

This electronic storage method ensures that your documents remain safe and secure, and you can access them whenever you need them. If the numerous electronic terminologies seem overwhelming, rest assured that using electronic storage provides you with an added layer of security from hackers in the cyber world. 


The speed has to match the direction of growth for that to be sustainable and scalable in the future. If progress is made with the best products that suit consumer needs but the ease of operations through digital tools is neglected, it will lead to dilution of market share. Even if you don’t have the first mover advantage in the automation needs of the businesses, strive not to be the last. A little stitch in time will save nine and timing your digitization in lending is imperative.