e-Signature rulings may motivate mortgage lenders to innovate closing processes

e-Signature rulings may motivate mortgage lenders to innovate closing processes

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.Accurate e-Signature Solution

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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