Electronic mortgage services provider SigniaDocs (Houston) is teaming with electronic notarization company World Wide Notary (Vernon, Tex.) to provide lenders with a solution that allows for an almost completely paperless mortgage process.
The companies have integrated their platforms to support e-signatures and e-notarizations for any mortgage document or document set. The integration of data, from LOS (loan origination systems) through MERS registration (mortgage electronic registration service), can eliminate many errors that result from fragmented paper-based systems, say the companies. The result is that lenders may never have to print mortgage documents requiring signatures by borrowers, so mortgage transactions remain electronic from start to finish.
With SigniaDocs eVault, all documents that are traditionally paper-based and laboriously reviewed during the closing process are now available in advance of closing. Borrowers can review and click-to-sign the majority of documents at their leisure. The few that need to be e-notarized or witnessed by a notary are passed to World Wide Notary's DigaSign system to complete the documents. According to the companies, this streamlines the entire process and eliminates routine errors, borrowers have better transparency and understanding of their transaction, and the actual closing can be conducted in minutes by a DigaSign eNotary. Lenders are also protected from missing signatures or expired notary commissions when using a system like this, claim the companies.
After the closing is complete, lenders and title companies are notified, the e-signed and e-notarized documents are deposited into the lender's eVault, and the e-note can be registered to MERS for transfer to investors.