Electronic Signature Solution for Mortgage Loan Documents
The traditional method of handling a multitude of documents signed by all the right stakeholders can be a daunting task. Mortgage lenders can find themselves in a great deal of trouble when trying to handle signature processes.
The result is countless paperwork that it takes days to complete a single operation.
Read on to discover how eSignatures can help to alleviate the burdens of processing mortgage loan documents.
Why Are Pen and Ink Signatures a Thing of the Past?
Building a mortgage is expensive for lenders. In other words, remaining compliant across multiple areas of business can feel like a constantly moving target.
Similarly, paper-based mortgage documents, contracts, and agreements are incredibly labor-intensive and time-consuming. They require stakeholders to move into offices in person to sign records. Above all, they require dealing with notaries and handling otherwise complex operations.
Benefits of eSignatures for the Mortgage Process
The potential advantages of implementing an electronic signature solution can benefit both lenders and borrowers.
The result is improved transaction efficiency, lower origination costs, and streamlined operations. Furthermore, electronic signature software can make the real estate sector more attractive to consumers.
Security of Electronic Signature Solution
Significantly enhanced security is another good reason to consider eMortgage documents. Electronic signature vendors are required to adhere to strict security guidelines. As a result, the stringent certification procedure identifies all persons who are applying the electronic signature.
Additionally, online signing relies on trust services, which protect the integrity of all the data that you signed.
eSignatures for Mortgage Closing Documents Are Legally Binding
The ESIGN Act, UETA, and eIDAS Regulation serve a similar function as a witness in the paper world.
The law is similar to the provisions for a pen-on-paper signature. The one difference is that the signer must first consent to conduct business electronically before digitally signing the documents.
In addition, the certifications of eSignatures effectively transpose a notarial model into the digital environment.
Wondering how you can avoid untimely delays?
An electronic signature solution will ensure users are guided to sign each designated spot before the document can be considered complete.
You will no longer have to worry if signature location is individually labeled, or if they missed any.
Improved Customer Experience
In conclusion, mortgage providers can rely on eSignatures when they want to ensure the whole experience of their clients.
It’s really simple to use; it works perfectly. Customer support has been very fast. I’m very impressed with the product.
We built DigiSigner software to bring all of the people, documents, and systems involved in the mortgage process together.
Get your electronic signature FREE trial now to digitize mortgage closings.