e-SignLive Offers Complimentary e-signature Service to Small and Mid-Market Mortgage Bankers and Lenders

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As the IRS and FHA develop e-signature policies, e-SignLive provides mortgage providers with free opportunity to test drive electronic signature service

e-SignLive

e-SignLive

Because e-SignLive is a cloud-based service, borrowers can sign from anywhere. This means they won’t need to hustle to find a babysitter, or spend hours in traffic trying to get downtown to sign their mortgage documents. Borrowers are no longer stressed.

Recently reported by the National Mortgage News, the Federal Housing Administration (FHA) and the Internal Revenue Service (IRS) are currently developing e-signature policies that allow mortgage lenders and borrowers to electronically sign a variety of mortgage documents. To help the mortgage industry get ready for the new e-signing processes, Silanis has set up a free offering of its electronic signature service, e-SignLive™.

“The possibility of FHA allowing the use of e-signatures for FHA loans and the IRS accepting e-signatures on the 4506-T form represents a huge change for the industry,” said Robert Al-Jaar, executive vice president of Silanis Online e-Signature Services. “Using an e-signature solution such as e-SignLive will take a fraction of the time to complete mortgages, processing costs will be slashed and the borrower experience will improve dramatically. Based on our e-SignLive clients, we know these benefits lead to higher loan volume and increased company revenue.”

By signing up for Silanis’ FREE pilot of its cloud-based electronic signature service, e-SignLive™, mortgage bankers and lenders can experience first-hand the immediate benefits of using e-signatures to streamline the mortgage process and accelerate closing times.

Currently, lenders using e-SignLive can electronically and securely sign all documents, forms, and disclosures in the mortgage loan application package with the exception of one form: IRS Form 4506-T, the Request for Transcript of Tax Return. Today, the full scale of benefits that could be derived from using e-signatures is not totally realized. Once the new IRS e-signature policy is in place, the mortgage industry and its customers will be able to e-sign the entire loan package from application to closing including the 4506-T form.

While the IRS’s pilot project allows for a completely e-signed mortgage process, if borrowers opt for an FHA loan, they are still saddled with the challenges of wet-signing all the documents. Currently, the FHA does not permit e-signatures on any of its mortgage loan documents.

Once both the IRS and FHA have adopted new e-signature policies, the benefits to the mortgage industry will be significant. Lenders will enjoy less paperwork, fewer errors, and less potential for fraud by combining e-signatures with secure e-authentication. Mortgage processing times will also improve, resulting in valuable cost savings that can be passed on to the borrower. Ultimately, the adoption of electronic signatures will mean a more efficient mortgage industry and superior customer service experiences for borrowers.

“Because e-SignLive is a cloud-based service, borrowers can sign from anywhere. This means they won’t need to hustle to find a babysitter, or spend hours in traffic trying to get downtown to sign their mortgage documents. Borrowers are no longer stressed,” says Al-Jaar. “For the lenders, expensive overnight courier deliveries will be part of the past. As importantly, small and mid-market mortgage bankers and lenders will be able to optimize their warehouse lines of credit, replenishing them faster by doing more business each month without increasing their warehouse lines.”

Interested companies can sign up for the free pilot by contacting an e-SignLive e-Signature Specialist at 1-855-MYESIGN (1-855-693-7446) or online at e-SignLive.com/IRSFHA.

About e-SignLive™
e-SignLive™ is the premier legal, trusted, and secure online electronic signature service targeted primarily at the mid-market, small businesses and government organizations that are regulated and compliance-driven. Choose e-SignLive when legal evidence, trust, security, and auditability matter. Powered by Silanis, e-SignLive uses the same e-signature technology trusted by over 1.6 million US Army personnel globally, and by the world's largest banks, insurance companies, and government agencies. e-SignLive is now available online, anytime, anywhere, and at a friendly price. e-SignLive, when signatures matter to your business™.

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Melanie Attia
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