While many mortgage lenders have been originating, closing and recording loans electronically for some time, the real-estate industry has been slower to adopt straight-through processing
Montreal, QC (PRWEB) May 3, 2010
Silanis Technology, a leading provider of e-signature process management solutions to the mortgage industry, today shared its views regarding the impact the recent Federal Housing Authority (FHA) announcement on electronic signatures will have on the real estate and mortgage industries’ straight-through processing initiatives.
“While many mortgage lenders have been originating, closing and recording loans electronically for some time, the real-estate industry has been slower to adopt straight-through processing,” said Michael Laurie, Vice President of Strategic Development at Silanis Technology. “The recent endorsement of e-signatures by FHA, the nation’s largest mortgage insurer, should help increase adoption and bring the industry one step closer to achieving a paperless, home-buying experience.”
Eliminating paper from real-estate transactions should provide similar time and cost-savings benefits as already seen in the mortgage origination and closing process. Lenders and title companies have been streamlining these parts of the mortgage transaction for years now with some very impressive results.
For example, a Top 5 Online Lender who originates over 90% of mortgage loans online has eliminated between three and five days to process each new customer application using ApproveIt Web Server, Silanis’ enterprise signature-signature process management solution. Stewart Title, a top 5 U.S. title company, has reduced the time to close mortgages from 90 minutes to 15 minutes, including the signing of electronic mortgage notes using ApproveIt Web Server combined with the ApproveIt e-Vault Manager for managing negotiable instruments such as the mortgage note.
With FHA’s acceptance of electronic signatures,home buyers and real estate agents will be able to benefit from a fully electronic, paperless process at the very start of the home buying experience, knowing that the nation’s largest insurer supports the use of e-signatures.
Other recent announcements that should help increase the adoption of electronic signatures in real estate include the availability of Silanis’ new e-SignLive e-signature services for IBM LotusLive. This new, cloud-based e-signing service from Silanis enables agents to upload all real estate documents to a secure site, and then invite buyers and sellers to log in to review and “click-to-sign”.
The e-SignLive services include e-SignDoc and e-SignRoom. e-SignDoc enables multiple people to electronically sign one document at a time, while e-SignRoom extends the capabilities to enable multiple LotusLive subscribers to e-sign multiple documents. e-SignRoom also provides a dashboard that enables the monitoring and tracking of the pending and completed e-SignRooms.
Organizations and individuals interested in test-driving the cloud-based e-signature services can sign up for a free 30-day trial of e-SignDoc or registering for the e-SignRoom beta program by visiting: http://esignlive.silanis.com/services/try-e-signlive.html
Silanis Technology Inc. is the leading provider of Electronic Signature Process Management solutions. The world’s largest insurance and financial services companies, major government agencies, integrators and service providers depend on Silanis to accelerate business transactions and reduce costs while improving compliance with legal and regulatory requirements. The company’s electronic signature platform, ApproveIt®, is an enterprise-class e-signature process management solution that transforms paper-based business transactions to all-electronic, Web-based processes for e-commerce and e-government.