Digital signature online mortgage brokers watch out! It is time to address your borrowers’ growing need for instant gratification, i.e. quick mortgage completion document processing. Fully digitizing the closing process is the only way to meet such customer expectations, especially in a remote COVID world.
In this article, we’ll show you how to get the paperwork done in the final step of the home loan process using digital signature online (sign up for a 14-day DocSignPro trial). Once the documentation is out of the way, funds can be collected and paid out on time – so you don’t have to worry about losing a customer.
The biggest challenges in traditional mortgage deals
All types of loans, including mortgages, are harder to pay off than ever. And as borrowers become more sophisticated and tech-savvy, there is a need to transform the mortgage closing experience. Here are some of the challenges you might face as a lender:
Delays prevent mortgage closing on time: Time is of the essence when it comes to the sensitive and arduous mortgage closing process. Something as basic as signing contracts on time can mean the difference between a successful business and a failed one. Even if one party makes a mistake or delays signing, it will result in a poor customer experience, and you will lose your mortgage closing. To avoid losing a customer to delays, it is important to focus on getting time to money faster.
Lender Productivity Loss:
Your employees spend too much time on administrative tasks, such as B. Follow up with customers for signatures, scanning, and printing of documents for the mortgage closing, and so on. This leaves them little time to focus on more creative and strategic ways to improve loan completion rates.
Customers feel rushed to make decisions:
Most mortgage deals take place in the office of a lawyer or property company, where the borrower is likely to see the contract for the first time. As a result, the homebuyer does not have enough time to go through the mortgage closing documents and better understand the risks before signing on the dotted line.
Difficulties in processing documents remotely:
In the age of social distancing, it is difficult for customers and mortgage agents to exchange and sign many mortgage completion documents remotely. Therefore By choosing a powerful and one of the best online signature app, you can enable your agents to offer a superlative mortgage closing experience.
DocSignPro benefits for eClosing mortgages using Digital Signature Online
Sure, the industry has locked mortgage documents in a certain way for many years. But since this is not efficient enough, you have to redesign the workflow digitally. In order to increase the productivity and the success of the mortgage closing, lenders must at least employ a secure free electronic signature in word Files such as DocSignPro.
Here are some of the benefits of DocSignPro that make it a favorite among small and medium-sized banks and other lending institutions:
- Secure signing and SSL Encryption is one of the best
- Legally binding – ESIGN and eIDAS compliant
Ease of use –
With status tracking, the ability to save frequently used mortgage templates, and free e signature reminders that make your workflow efficient when you close
On-cloud storage –
Integrated with cloud solutions for automatic archiving of documents. Secure approvals for many documents and customers at the same time
Remote friendly –
With the mobile-first app, homebuyers can sign the documents from anywhere, anytime
For more efficiency, we recommend integrating DocSignPro with your business or productivity apps. This way, your employees and customers can even sign without disrupting the workflow.
Bonus: Mortgage Closing Document Checklist
Here is a list of contractual and federal (and some good-to-have) reports to have on hand when closing a mortgage:
- Quotation in good faith
- Termite Inspection Report
- Loan estimate
- Closing Disclosure
- Reference to the right of withdrawal
- First escrow settlement
- Promissory Note
- Mortgage Deed (Trust Deed)
- State and municipal documents required by the government
If the sudden changeover of all your mortgage-related papers to DocSignPro seems too drastic to you, you could start with only entering the e Signature for secondary documents. Once this has been done successfully for a couple of months, you’re ready to go and begin capturing and signing writable documents with a digital signature online.