Inefficiencies and frustrations run rampant in the world of mortgage lending, but eMortgages are helping to eliminate the stacks of paperwork, endless back-and-forth communication and weeks of waiting just to secure a loan. With a new generation of homeowners and borrowers demanding more digital solutions in all aspects of their lives, including when it comes to buying a home, eMortgages and the use of electronic closing documents are paving a new path of digital innovation.

Primary Residential Mortgage, Inc. Elevates with eMortgages

To stay on the cutting edge of technology, Primary Residential Mortgage, Inc. (PRMI) started their eMortgage journey in 2018 when eNotes (electronic promissory notes) were creating a buzz in the industry. The Utah-based lender anticipated that eMortgages and eNotes would be the future of mortgage lending and wanted to be at the forefront of that evolution.

Compared to the handful of eMortgages delivered in 2019, PRMI ramped up production and, as of May 2024, eMortgages represent 57% of their total volume delivered to Freddie Mac, highlighting their commitment to total digital transformation. At PRMI, adopting eMortgages and electronic closing documents has helped them save $258 per loan, reduce errors by 80% and reduce dwell time (time it takes from closing the loan to getting it funded by investors) by 57%.

going e pays off

In this case study, we dive into how PRMI immersed their organization into the eMortgage ecosystem and the impact it has had on their operations, customers and mortgage lending landscape. From overcoming hurdles to celebrating big wins, PRMI also shares insights on why technology investments are essential for lenders in today’s market.

eMortgage Rollout

For eMortgage technology, PRMI partnered with SnapDocs to use their eClosing and eVault platforms. Through this partnership, they were able to scale eMortgage production and conducted outreach and trained key players involved in the process to spread awareness. PRMI was then able to start sending loans down the path of eMortgages.

Overcoming Resistance and Embracing Transformation

With their overhaul of traditional lending practices and the ushering in of new digital standards, PRMI inevitably encountered barriers to eMortgage adoption. However, they were committed to being a digital leader and approached these obstacles as opportunities for growth and transformation. PRMI shares their best practices to overcoming challenges in hopes more lenders follow the path to eMortgage adoption.

prmi resistance to change

eMortgages Drive Meaningful Outcomes

The impact of implementing eMortgages and electronic closing documents created a ripple effect of efficiencies for PRMI beyond the origination process. Their investment in adopting the eMortgage ecosystem paid off, yielding the following positive results.

operational efficiencies

PRMI’s Lasting Influence on the eMortgage Evolution

Defaulting to eClosings with eNotes for new loans has become a common practice today to meet the needs of the next generation of homebuyers.

As an early adopter, PRMI shows how they’ve reaped the benefits with scaling eMortgages. They saw the potential and realized that in the long run, their business and operations could only benefit from this technology investment. The eMortgage ecosystem may appear daunting at first, but with the right support, it’s very possible for more lenders to follow suit and join the e-movement and reach more borrowers.

Start Your eMortgage Journey Today

Don’t get left behind on the eMortgage evolution. For more information, visit our eMortgage webpage and start implementing eMortgages by contacting the Freddie Mac eMortgage team.