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Anyone who has been through a mortgage process knows that there are seemingly endless forms that require signatures. For the homeowner- to-be, this process can make the wait less than thrilling, and for the mortgage company, this means a longer process to close a loan. 

In this article, Fannie Mae: We Need E-Mortgages Now, a team developed by The e-MortgageFederal National Mortgage Association (more commonly known as Fannie Mae) discovered that an electronic mortgage process could take as many as 30 days off the average 52 days it takes to close a loan. E-mortgages could also save the mortgage industry an average of $1,100 per mortgage­­ – $1 billion per year! 

An e-mortgage is a mortgage loan where the critical loan documentation, specifically the promissory note (eNote), is created electronically. The steps that follow (execution, transfer and storage) are carried out electronically, too. Of course, the most critical aspect of the promissory note is the signature. In the case of an e-mortgage, it’s the e-signature that carries the weight. An e-closing produces an e-mortgage only if the promissory note is signed electronically.

Saving time and money are obvious benefits of switching to an e-mortgage, but the enhanced security is a further advantage. Digital Signatures, made legal by the ESIGN Act and approved by the FHA, are the most secure way to complete the mortgage process. Instead of printing, signing, scanning and emailing important information to and from a mortgage company, customers are able to electronically open and securely sign documents, protected by passwords and identity authentication methods.

With SIGNiX’s Independent E-Signatures™, documents can be signed anytime, anywhere on any device connected to Wi-Fi. Customers no longer have to rely on fax machines, printers and scanners, don’t have to wait days at a time for traditional mail, and never have to make burdensome trips back and forth to wet-ink sign documents in the office.

 

E-Signatures in the Banking Industry