eSignature and the path to a fully digital mortgage loan closing
The path to eClosing is complex but achievable. In this paper, after clarifying the benefits and the legislation surrounding eSignatures, we look in detail at the steps institutions need to take to achieve a fully digital mortgage closing process.
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For financial institutions and their customers, electronic signature offers a long list of valuable benefits, making the process of signing documents more secure, convenient and auditable. Yet despite this, take-up of eSignature among financial institutions – especially in the US home loan market – has been sluggish, even as the current pandemic gives it added impetus.
For mortgage loans in the US, eClosing, where the whole process of loan closing becomes digitized, also offers powerful benefits for both financial firms and their customers. Institutions can achieve significant cost savings while offering a more attractive service to their customers. And mortgage customers, for their part, benefit from greater convenience as well as more time to scrutinize lenders’ documents and become better informed about the risks involved.
After implementing an eClosing process, you will find numerous benefits not provided through paper closing: better security, enhanced workflow tracking, convenience, faster time to money, centralized document storage, paperless workflow, better collaboration and lower operational cost.
