Sandbox and productivity

More of the mortgage application process is now happening online and on mobile phones, which means when homeowners do refinance the process may take around 35 days compared with the 47 days it took as recently as 2016, said Jonathan Corr, president and CEO of Ellie Mae Inc. Corr’s company makes software that helps streamline and automate the mortgage origination process. Some lenders are advertising closings in 21 days or less.

Key documents like the promissory note can now be signed digitally and then stored in the cloud instead of being put in a box and filed in a vast warehouse, according to Simon Moir, Chief Product Officer at eOriginal Inc., a provider of technology that offers electronic transaction management solutions. This reduces the chance it can be lost.