Welcome to Freddie Mac eClosing Benefits Calculator
This tool will help you determine the benefits of implementing the eClosing process. Some of the benefits will be applicable only if the eClosing process includes eNotes (For example, warehouse line interest savings).
This is provided for illustrative purposes only and not intended to substitute for the viewer's own due diligence and reasoned business judgment, and otherwise subject to terms and conditions at sf.freddiemac.com.
For more information on getting started with eClosings or eMortgages, contact the eMortgage team at [email protected].
The value is defaulted to $310,000 based on Freddie Mac Single Family average loan amount from August 2022 to July 2023, but a different number can be entered as needed.
As of June 2023, around 6% of the mortgages registered in MERS are eMortgages. Some lenders deliver more than 50% of their volume as eMortgages.
The future value is defaulted to 0 assuming eClosing eliminates the need for mailing and printing.
The future value is defaulted to 0 assuming eClosing eliminates the need for mailing and printing.
The future value is defaulted to 0 as there is no storage fee if using Freddie Mac as your eNote Custodian. This might change in the future.
The future value is defaulted to 0 as there is no certification fee if using Freddie Mac as your eNote Custodian. This might change in the future.
The future value is defaulted to 0. eClosing eliminates the need for manual efforts such as sorting, imaging and indexing documents.
The future value is defaulted to 0. eClosing eliminates the verifications such as missing signatures, missing documents, completeness of the documents as the eClosing systems prevent these from occurring.
The future value is defaulted to 0. eClosing eliminates the verifications such as missing signatures, missing documents, completeness of the documents as the eClosing systems prevent these from occurring.
The future value is defaulted to 0. eClosing solution that integrates eRecording process eliminates efforts, such as tracking and obtaining trailing documents. These systems provide transparency into recording process with automated tracking and provide lenders with immediate receipt of electronically recorded documents.
The future value is defaulted to 0 assuming no paper custodial documents, such as paper Power of Attorney, need to be sent to document custodian.
Average % of loans called for quality control review is between 3 to 5%.
With most documents signed electronically, assembling and delivering necessary loan documents to investors will most likely take less time.
The future value is defaulted to 0. eClosing eliminates the potential for lost note as there is no need to ship the note, instead, you will transfer the eNote electronically via MERS eDelivery and transfer.
The future value is defaulted to 0. eClosing eliminates the potential for lost note as there is no need to ship the note, instead, you will transfer the eNote electronically via MERS eDelivery and transfer.
The future value is defaulted to 0. eClosing eliminates the potential for lost note as there is no need to ship the note, instead, you will transfer the eNote electronically via MERS eDelivery and transfer.
The future value is defaulted to 0. eClosing eliminates the potential for lost note as there is no need to ship the note, instead, you will transfer the eNote electronically via MERS eDelivery and transfer.
The future value is a calculated value. Enter the data about your Current and Future processes below and the cycle time reduction will be calculated.
The future value is defaulted to 0. For eClosing transaction, electronically signed documents should be received by the lender on the same day during eClosing.
The future value is defaulted to 0. For eClosing transaction, the eNote and other electronic documents should be received by the custodian within minutes.
The future value is defaulted to 0. Certification should be completed on the same day after receiving the eNote as eNote can be certified in an automated manner within minutes.
The future value is a calculated value from the Current Dwell Time and the reduction in the cycle time.
The future value is a calculated value from the average number of loans closed per month and average loan amount.
eClosing enables quicker delivery to the secondary market and quicker pay off of warehouse funds. More loans can be funded using the same warehouse line, which potentially reduces the number of warehouse lines needed. If the warehouse lines remain the same, input the same number in both fields.
Future values are set to be same as the Current for a better comparison, however, a different number can be entered as needed.
Future values are set to be same as the Current for a better comparison, however, a different number can be entered as needed.
Future values are set to be same as the Current for a better comparison, however, a different number can be entered as needed.
The value is defaulted to $7,500. Typical range based on the information we have is between $4,000 and $15,000, however, it may vary depending on the level of support needed and the complexity of your organization.
eClosing fee per loan is defaulted to $35 assuming hybrid eClosing includes eNotes. For eClosing that includes eNotes, eClosing fee per loan is between $30 - $38. For Remote Online Closings, eClosing fee per loan is between $125 - $150.
Some vendors may not charge separate eNote storage fee, and include it as part of the platform maintenance cost. eNote storage cost is between $0 to $2.
MERS eNote Registration + eDelivery cost per loan is defaulted to $8.95 assuming the corresponding security instrument is not registered on MERS®.
The eClosing and eVault maintenance cost is estimated to $7,500, with the range between $5,000 and $10,000.
