Why using e-Sign loan origination can be done quickly & securely?
December 13, 2022
5 minutes read
It’s no secret that the mortgage industry is bogged down by paperwork for years. As a result, the loan origination process could be faster and more convenient, leading to lost opportunities and frustrated customers.
But what if there was a way to streamline the loan origination process and make it more efficient? Enter e-Sign loan origination. e-Sign is an electronic signature solution that allows you to sign documents online quickly and securely.
In this blog post, we’ll explore why using eSign loan origination can be done quickly and securely. We’ll also discuss some benefits of using this technology in your business. So if you’re looking for a way to speed up your loan origination process, read on!
How does e-Sign work?
eSign allows you to electronically sign documents using a computer, tablet, or smartphone. Upload the document to be signed, add your electronic signature, and send it off! There’s no need to print out or fax copies anymore – eSign makes signing documents quick and easy.
Is e-Sign legal?
Absolutely! eSignatures are legally binding in the United States under the Electronic Signatures in Global and National Commerce Act (ESIGN). This means eSignatures have the same legal weight as traditional signatures on paper documents.
How secure is e-Sign?
Very secure! All data exchanged during an eSignature transaction is encrypted using 2048-bit SSL encryption – the same level of security used by banks and financial institutions. Additionally, each document is assigned a unique tamper-proof seal that ensures its authenticity.
What types of documents can I sign with eSign?
You can sign virtually any document with e-Sign, from contracts and agreements to tax forms and applications.
Digital Evolution & Better Customer Experience
There are many benefits of using eContract eSignatures for loan origination, including the ability to do so quickly and securely. With eContract eSignatures, businesses can streamline the loan origination process by eliminating the need for paper documents and in-person signatures. This can save time and money while providing a better experience for customers.
In addition, eContract eSignatures are more secure than traditional signatures. They allow businesses to verify the identity of signers and ensure the non-alteration of documents. This can help to prevent fraud and protect businesses from legal liability.
Finally, using eContract eSignatures can help businesses to improve customer satisfaction. Customers can sign documents from anywhere at any time, making the process more convenient. In addition, eContract eSignatures provide a more professional look to documents, which can give customers confidence in your business. If you are considering taking out a loan, an e-Sign loan may be a good option. However, shop around and compare rates before signing any agreement.
How e-Sign Can Benefit Loan Origination
e-Sign can help make loan origination more efficient and secure. Here are four ways it can do so:
1. Automate the loan application process
With e-Sign, you can automate the loan application process by setting up digital workflows. This can save time and reduce errors.
2. Create a paperless environment
eSignatures can help create a paperless environment for loan origination. This can save time and money while also reducing your environmental impact.
3. Increase security
eSignatures add an extra layer of protection to the loan origination process. They prevent fraud and ensure documents are not tampered.
4. Improve customer experience
eSignatures can improve the customer experience by making it easier for borrowers to apply for loans and track their progress online.
The Risks of Not Using e-Sign
There are several risks associated with not using eSignatures for loan origination:
1. Increased Costs: Not using eSignatures can increase the loan origination cost, as paper documents must be printed, signed, and scanned.
2. Security Risks: Printing and scanning documents can create security risks, as sensitive information could be lost or stolen.
3. Compliance Risks: Some jurisdictions require that certain documents be signed electronically to be valid. Not using eSignatures could put lenders at risk of non-compliance.
4. Fraud Risks: Not using eSignatures could also increase the risk of fraud, as borrowers could sign paper documents without verification.
How to Use e-Sign Safely and Securely
When you use e-Sign to sign a loan agreement, you agree to the terms and conditions outlined in the document electronically. This is a legally binding contract, so you must understand the terms before signing. Here are some tips to help you use e-Sign safely and securely:
Read the document thoroughly before signing. Make sure you understand all of the terms and conditions. If there’s anything you’re unsure about, ask for clarification from the lender.
Only sign documents which have permission to sign. Don’t sign any document that you didn’t initiate or that you’re not comfortable with.
Keep your electronic signature safe. Treat it like you would your physical signature. Please don’t share it with anyone.
Use a secure connection when signing documents electronically. This helps to ensure that your signature can’t be intercepted or tampered with during transit.
Keep copies of all signed documents for your records. This way, you have a history in case of any issues.
About Signzy
Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.
Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.
Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com.
