A new version of eLynx’ electronic signature technology enables mortgage borrowers to review and approve loan documents via the Internet, the company announced this week.
The latest uSign version offers a secure signing environment, eliminates reliance on paper and reduces costs by up to 75 percent, according to the company’s estimates.
Lenders can deliver loan documents to the borrower without incurring mail and courier fees or experiencing delays in the receipt of signed documents. Borrowers can review, electronically approve and submit documents to the lender in a matter of minutes, reducing transaction times by up to 50 percent, the company said.
The uSign service also creates an electronic audit trail of the entire process, enabling lenders to contact customers with questions or issues and also provides them with continuous alerts on the status of the borrower’s progress in reviewing and approving the documents. USign also complies with Electronic Signatures in Global and National Commerce Act (E-SIGN) and Uniform Electronic Transaction Act (UETA) legislation.
USign complies with established and emerging industry guidelines from the Mortgage Industry Standards Maintenance Organization (MISMO) and the Standards and Procedures for Electronic Records and Signatures (SPeRS).
ELynx provides outsourced services and technology that aim to improve data workflow and cut costs for paper-intensive businesses.