Two recent court rulings may give banks and other mortgage lenders greater confidence in moving toward e-signature technology for mortgage loan closings. Highlighted in a recent article in National Mortgage News titled “Court Wins Set Important Precedent for Paperless Mortgages,” the rulings affirmed that lenders can enforce electronically signed and transferred notes – which in turn could prompt wider adoption of electronic mortgage technology and e-closing processes.
There are many benefits of moving to electronic documentation and e-signature technology, including accelerating the production of loan documentation, improving TRID compliance, streamlining the mortgage closing process and improving the borrower experience.
For lenders, implementing a solution that can both improve efficiency (including lowering loan costs) and make the closing process easier for borrowers seems to be a logical next step for banks and credit unions looking to improve the profitability of mortgage lending operations.
Accurate Group’s eSign solution combines closing documentation, process workflows and e-signature technology in a web-based bundle.
Benefits to the borrower include:
- Earlier access to real estate closing documents
- More time to review documents prior to closing date
- Improved transparency into closing process, title and loan information
- Ability to review and sign closing documents from anywhere, in the comfort of their home or office
In addition to providing a better borrower experience, lenders also benefit by gaining:
- A more efficient, streamlined real estate closing process
- Easier adherence to TRID documentation requirements
- Compliance with the Uniform Electronic Transaction Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-Sign Act)
- Automatic capture and secure storage of online signatures, disclosure acceptances and borrower actions in an audit-ready electronic timeline of each closing
Innovate your mortgage process and deliver a better borrower experience by moving to electronic closings and e-signature technology. Contact Accurate Group today to learn how Accurate eSign can help your business.
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