The adoption of technology can counter some of the unintended consequences of today’s complex mortgage environment. Keeping up with consumer demand for an electronic mortgage process not only provides a significantly better experience for the prospective borrower but also incorporates cost saving processes for a lender. In this article, Equifax’s Jeff Knott discusses how electronic records and e-signature functionality can increase overall efficiency while ensuring security and compliance.
Electronic processes allow for increased transparency and ensure that every step is carefully tracked maintaining an audit that follows the mortgage throughout the lifecycle. Another efficiency gain aside from regulatory and security standpoints is the option to merge conventional and non-conventional loans into a single platform, as the recent FHA policy to accept e-signatures on mortgage documents now allows for a consistent approach to e-signed records.
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