Paperless Loans | Mortgage Origination Software
With technology quickly advancing, the mortgage industry is incorporating a way to improve the consumer experience and expedite your mortgage closing with eSignature.
Atlos believes that going paperless with eSignature is the way to speed up the mortgage closing process and receive several benefits (sourced floify.com).
- Speed- Forget about emailing, faxing, and printing. Get rid of those sticky, “sign here” arrows. Eliminate the wait of receiving a signed returned document. No more delays due to avoidable errors and omissions.
- Eliminate Error- The placement of the “sign here” arrow is a process prone to human error. Originators and staff must place these at every location a signature is required. Then, borrowers need to make sure they don’t miss any. A missed signature causes time delays that can be avoided with eSignature technology. This technology guides your clients through the process preventing them from completing the document until all signature areas are filled.
- Compliance- Often you will have a deadline to have your documentation turned in. With eSignature, your documents and disclosures can be sent to your clients quickly and the loan origination software will track the exact time your document is acknowledged.
- Security- With email spam monopolizing your inbox, a scanned and emailed document from your client is not being securely transmitted. eSignature vendors are required to adhere to strict security guidelines ensuring your important documentation is not getting into the wrong email/hands.
- Integrated- Other mortgage technology can be integrated with eSignature thanks to eSignature vendors having APIs for developers.
If you are concerned with legalities. The E-sign Act of 2000 (located on floify.com or fdic.gov) provides the guidelines for acceptance of electronic signatures. The law is like that of a wet-signature, with the biggest difference being that a client must consent to conduct business electronically prior to signing electronically.
At Atlos, we believe that eliminating paper results in greater efficiency, lower costs, and reduced risks. Implementing our paperless loan software is a great way to begin to store loan data, fill and e-sign forms and manage your documents all in one place. Visit our website at atlos.com to learn more about how we can help you speed up your mortgage closing process with eSignature.