MILWAUKEE, Feb. 21, 2020 /PRNewswire-PRWeb/ -- GO Mortgage has introduced Electronic Closings (e-closings) to its borrowers. Utilizing the new technology, GO Mortgage homebuyers will now be able to digitally sign closing documents, minimizing the time, effort, and errors associated with signing on paper.
"In a rapidly evolving digital industry, most mortgage dealings are stuck in 20th-century models. E-closings is a step in the right direction for our digital-savvy buyers," said GO Mortgage President, Chad Jampedro.
In 2015, the "Know You before You Owe" study by the Consumer Financial Protection Bureau found a correlation between borrower empowerment and e-closings for mortgages. E-closing borrowers scored higher in their understanding of the mortgage closing process.
Fannie Mae recently reported that 66 percent of mortgage borrowers choose to handle their whole mortgage process online. Efficiency and costs are the driving factors in the increased uptake of such digital lending solutions. E-closings minimize inefficiencies, including delays and errors in data entry. The digital solution also slashes down the labor hours involved in loan processing, helping lenders to keep their products affordable.
GO Mortgage partnered with DocMagic in the creation of the e-closing solution. DocMagic provides documents and a platform for GO Mortgage's execution and signing of documents. Additionally, title companies working with GO Mortgage were trained how to execute online notarization by Nortarycam.
GO Mortgage believes that the digital mortgage closing solution will play a significant role in improving customer's comprehension of mortgage details, as well as simplify the closing process so borrowers can take better control of it.
About GO Mortgage
GO Mortgage is a Brookfield, Wisconsin-based mortgage lender that operates as a DBA of GSF Mortgage Corporation. GO Mortgage has access to a comprehensive portfolio of top-tier loan products and goes out of its way to educate its borrowers on the homeownership journey and assist them in finding the most affordable options for each unique home-buying scenario.
GO Mortgage delivers a promise of excellence through its streamlined customer service, leveraging the latest technology in mortgage financing, and providing a complete set of home loan options including, purchase, refinance, renovation, and new construction financing. Visit GO Mortgage at https://www.gomortgage.com.
SOURCE GO Mortgage