SF.FreddieMac.com

eMortgage Calculator

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].

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Are you planning to retain servicing?
Are you planning to fund your loans using warehouse line?
Items Units Estimated Value
1. Average number of loans closed per month
Number
2. Average loan amount ?
$
$
3. eMortgages as a % of overall production ?
%
%
Items Units Estimated Value
1. Average annual salary of the Closing team
$
$
2. Average annual salary of the Post Closing QC team
$
$
3. Average annual salary of the Servicing team
$
$
Items Units Current (Before eClosing Rollout) Future (After eClosing Rollout)
1. Average mailing cost (send/receive closing package from settlement agent, mail to document custodian and any other additional costs), per loan ?
$
$
$
2. Average printing cost per loan ?
$
$
$
Items Units Current (Before eClosing Rollout) Future (After eClosing Rollout)
1. Loan Documents storage costs with custodian, per loan, per year ?
$
$
$
2. Estimated Cost of Certification of Promissory Note, per loan ?
$
$
$
Items Units Current (Before eClosing Rollout) Future (After eClosing Rollout)
1. Average time spent in post closing review, per loan file
Minutes
2. Average time spent in sorting, imaging and indexing executed documents, per loan file.?
Minutes
3. Average % of loans with missing documents or missing signatures after closing.?
%
%
%
4. Average time spent following up and resolving missing documents/missing signature issues, per loan.?
Minutes
5. Average time spent tracking and obtaining recorded documents per loan ?
Minutes
6. Average time spent preparing and shipping the document package to custodian /storage, per loan file ?
Minutes
7. Average % of loans that were called for investor's post funding quality control review in the last two years ?
% of loans
%
%
8. Average time spent in assembling and delivering necessary loan documents to investors, when loans are selected by investor for audit, per loan ?
Minutes
Items Units Current (Before eClosing Rollout) Future (After eClosing Rollout)
1. Average % of loans with lost note issue in servicing over the last 2 years ?
%
%
%
2. Average time spent by servicing team tracking lost note, per loan ?
Minutes
3. Average % of loans where a lost note affidavit was eventually needed over the last 2 years ?
%
%
%
4. Average time spent by servicing team getting lost note affidavit ready, per loan ?
Minutes
Items Units Current (Before eClosing Rollout) Future (After eClosing Rollout)
1. Average cycle time reduction to deliver eMortgages to Secondary Market ?
Days
1.1. Average cycle time to receive signed documents from the closing agent after the closing ?
Days
1.2. Average cycle time to complete review of signed closing documents
Days
1.3. Average cycle time for custodian to receive loan documents?
Days
1.4. Average cycle time for the custodian to certify the loan?
Days
Items Units Current (Before eClosing Rollout) Future (After eClosing Rollout)
1. Dwell Time (From closing date to investor payoff) ?
Days
2. Average Warehouse Rate (Index +Margin)
%
%
%
3. Average Warehouse Usage ?
$/Month
$
$
4. Number of WH lines ?
Number
5. Warehouse LOC Application Fee (Average) ?
$
$
$
6. Warehouse LOC Annual Fee (Average) ?
$/Year
$
$
7. Warehouse LOC Draw Fee per loan ?
$/Loan
$
$
Items Units Current (Before eClosing Rollout) Future (After eClosing Rollout)
1. Pair Off %
%
%
%
2. Average shortfall between commitment and the actual delivery, in those instances when the mandatory commitment is not met, based on the previous two (2) years of data
$
$
$
Items Units Estimated Value
1. Difference in TBA Price (based on market price at the time of commitment vs time of pair off)
Number
2. Average Commitment Per Day-eMortgages
$
$
3. Threshold (2.5%)
$
$
4. Average pair off amount per loan, when pair off occurs
$
$
5. % of the commitments where pair off occurs, if these loans were not eMortgages
%
%
6. TBA impact per year, if these loans were not eMortgages
$
$
7. % of the commitments where pair off occurs with eMortgages
%
%
8. TBA impact per year with eMortgages
$
$
9. TBA related savings per year with eMortgages
$
$
10. Pair Off Fee
Number
11. Pair off fee per year, if these loans were not eMortgages
$
$
12. Pair off fee per year with eMortgages
$
$
13. Pair off fee savings per year with eMortgages
$
$
The technology cost default values and ranges provided below are for guidance purpose only. Please check with your technology providers for the actual cost.
Items Units Estimated Value
1. Technology Implementation
$
$
1.1 Estimated eClosing and eVault system implementation costs ?
$
$
1.2 Estimated cost of updates to LOS required to integrate with eClosing systems
$
$
1.3 Estimated cost of updates to the Servicing system, as necessary (Identify eMortgages, integrate with eVault, etc.)
$
$
2. Other Implementation Costs
$
$
3. Transactional Level Costs
$
$
3.1 eClosing fee per loan ?
$
$
3.2 Total eClosing fees per year
$
$
3.3 eNote Storage cost per loan per year ?
$
$
3.4 Total eNote Storage Fees per year
$
$
3.5 MERS eNote Registration + eDelivery cost per loan ?
$
$
3.6 Total MERS Registration Costs per year
$
$
Total Implementation & Transaction Costs
$
$
4. Maintenance Cost
4.1 eClosing and eVault system maintenance costs ?
$
$
Items Units Estimated Value
1. Cycle Time (Days)
Days
Reduction of days a loan is on the warehouse line/dwell time (Closing Date to Transfer Note to GSE/Payoff Date)
Days
2. Warehouse Line Savings
$
$
Reduction of Mortgage Lender's Interest Expense
$
$
Reduction of Warehouse LOC Fees
$
$
3. Operational Savings
$
$
Reduction in printing and mailing costs
$
$
Reduction of post-closing QC review costs
$
$
Reduction in Document Custodian related costs (storage and certification)
$
$
Reduction in document handling costs
$
$
Reduction in sorting, indexing, imaging effort related costs
$
$
Reduction in missing docs/missing signature follow-up effort related costs
$
$
Reduction in recorded document follow-up effort related costs
$
$
Reduction in document package preparation and shipping to custodian effort related costs
$
$
Reduction in loan document assembly and delivery to investors for loans selected for audit
$
$
Reduction in pair off costs
$
$
4. eClosing Transactional costs
$
$
Total Process Efficiencies
$
$
Total Savings per eMortgage Loan
$
$
5. eClosing Implementation costs
$
$
Number of loans to recoup Implementation Costs
Number
6. eClosing and eVault System Maintenance costs from Year 2
$
$
Number of loans to recoup Maintenance Costs
Number
7. Servicing Related Savings
Reduction of lost note tracking effort related costs
$
$
Reduction of lost note affidavit preparation effort related costs
$
$

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