Click on the dotted line
Norwalk-based Xerox Mortgage Services has added an e-signature feature that it says will help the mortgage industry process loans faster and enhance customer service.
The new element provides a secure way to complete mortgage loans without having to sign hardcopy documents, the company said.
“Mortgage lenders who embrace electronic signatures have a competitive advantage in today”™s complex marketplace,” said Greg Smith, vice president of Xerox Mortgage Services.
The company also uses the Web-based BlitzDocs® Collaboration Suite, a paperless electronic process.
The e-signature feature lets mortgage participants sign new or re-financed home loans online by pointing their mouse to, and clicking on, the document”™s signature line. Electronically signed documents are then managed and stored in a repository.
The service uses audit tracking to detect where the documents travel throughout the system to keep tabs on transactions made during the loan lifecycle, the company said.
According to Smith, e-mortgage solutions allow lenders to turn loans around quicker with greater control, reduce printing and mailing costs, and make a positive impact on the environment.
“For the mortgage industry to thrive it must drive down costs while improving customer service,” said Jeanne Capachin, research vice president of IDC Financial Insights, a research and advisory firm in Framingham, Mass. “Vendors that can arm their customers with a total package, the right combination of technology and services, will help the industry weather a challenging time.”
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