E-Signatures


	E-Signatures

For years the real estate industry has dreamed of the ideal "paperless" mortgage transaction. While the realization of this goal is a few years off, one of the key components is moving into the mainstream with E-Signatures. Over the past few years, state and federal governments have enacted legislation like the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (ESIGN) that recognize electronic signatures as valid alternatives to written or "wet ink" signatures. Once the purview of only the largest mortgage companies, E-Signatures are now available to your customers through your online loan management system. Here's how E-Signatures can help you eliminate the delays associated with getting a credit authorization form signed.

A borrower visits your online 1003 and completes the application.
The loan officer assigned to this loan logs into your online loan manager and begins processing the application. As a first step, she uses your site's document management tools to upload a copy of the company's credit authorization form to the loan file and prepares it for electronic signature.
The borrower is immediately notified that there is a form ready for his signature - and the co-borrower's, if applicable - and given instructions to log into the customer login area of your online 1003.
Upon logging in, the borrower sees the credit authorization form, highlighted with a bookmark. Clicking this document, he is led through the process to sign it electronically.
The loan officer goes back online and verifies that the form has been signed and proceeds with the application.

Keep in mind that during this process the document was never printed, faxed, e-mailed, couriered, folded, spindled or mutilated. In fact, assuming the borrower has ready access to the Internet, the entire process can be completed in a matter of minutes.