According to a post published on Australian Broker Online, mortgage brokers continuously face the challenge of chasing paperwork while dealing with long turnaround times. While working as a mortgage broker is undoubtedly rewarding, coming up with a more efficient way to deal with these challenges can drastically help improve your quality of service.
Below, we’ve listed some of the most notable benefits of electronic signatures for mortgage brokers. You’ll also learn why using an electronic signature is better for speeding up your mortgage transactions.
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Aside from looking into the benefits of electronic signatures for mortgage brokers, it’ll also help if you could gain a better understanding of how electronic signatures work.
Do Electronic Signatures Count as Signatures?
An electronic signature is basically the digital counterpart of your handwritten signature. Commonly known as an e-signature, it serves as a representation of your personal and legal identity. It also signifies your consent or approval to a specific arrangement or business dealing. Moreover, your electronic signature is as good as your wet signature. As long as it duly meets the requirements imposed by your country or state, you can use your electronic signature to sign documents, making them legally binding and enforceable.
Can Mortgage Documents Be Signed Electronically?
Instead of sticking with the traditional method of document signing, you can get your clients to sign their mortgage papers via the Internet. Instead of scheduling an in-person meeting, you can have your client sign the form or document on their cell phone or tablet. Doing so isn’t only convenient, but it also helps speed up the entire application and approval process. It also helps ensure that every transaction goes smoothly without any unforeseen difficulty.
What Are the Benefits of Electronic Signatures for Mortgage Brokers?
Here are the main benefits of electronic signatures for mortgage brokers:
1.) Fast turnaround times
Speed up your transactions and ensure that every document gets signed on time. With an electronic signature, you can spare yourself the long waiting times. Just send the documents over to your clients and have them complete all the paperwork on time.
2.) Real-time document tracking
Stay on top of your tasks and meet your deadlines without constantly feeling overwhelmed. By fully utilizing the benefits of electronic signatures for mortgage brokers, you can collect and submit all the documents necessary to ensure a successful mortgage loan application.
3.) Improved efficiency
By eliminating the need to print documents on paper, you can do your work more efficiently while making the most out of your time and effort. You can also ensure that all documents submitted are free from error or discrepancy.
4.) Enhanced data security
One of the main benefits of electronic signatures for mortgage brokers is enhanced data security. It helps keep your documents safe from anyone with ill-intent, especially those who make a living out of forging signatures and faking documents. Since every digitally signed document becomes immutable, it’s nearly impossible to modify or alter without invalidating the e-signature.
With an e-signature, every signed document gets timestamped, making it easier for you to check whether the signature attached is fake or genuine.
5.) Minimizes risks of loss and human errors
Another advantage of using an e-signature is it helps ensure the accuracy and integrity of each document you handle. You can also sort and manage your documents without facing the possibility of losing a page due to an unexpected printing error. Since everything is digitized, you can also minimize the chances of misfilings and erroneous data collection, which could incur heavy financial losses and hefty fines.
6.) Promotes sustainability
By switching to a paperless mortgage document signing solution, you also get to promote sustainability since it eliminates your need to print documents using ink and paper. Doing so also helps you resonate with clients who seek your assistance in helping them find their ideal eco-friendly home.
7.) Helps lower your operating costs
Another advantage of using an e-signature for mortgage document signing is it helps cut down the costs needed to run your own mortgage broking business. There’s no need to purchase an expensive printer or allocate a recurring budget for printing supplies. You can also offer faster turnaround times, allowing you to close transactions quickly. Instead of spending weeks to complete a single transaction, you can get all the paperwork done in a shorter period, so your clients do not need to wait for a long time to purchase or refinance their homes.
Electronic Signatures for Mortgages: How to Fully Digitize Your Mortgage Document Signing Process?
Now that you’ve come to know more about the benefits of electronic signatures for mortgage brokers, the next step would be to start digitizing your mortgage process with the help of a reliable e-signature solution. With Fill, you can feel at ease knowing that you have all the tools and features necessary to ensure a secure and hassle-free mortgage transaction.
Some key features of Fill are as follows:
- Secure document signing that uses military-grade encryption
- Full audit logs with real-time document tracking
- Step-by-step guided signing
- Instant paper to PDF conversions
- Unlimited cloud storage with cross-platform syncing
- Third-party app integrations
Final Thoughts on the Benefits of Electronic Signatures for Mortgage Brokers
Working as a mortgage broker comes with challenges, but there are ways to ensure that you can provide the best quality service to your clients. If you know the benefits of electronic signatures for mortgage brokers, you can carefully consider your options. With e-signatures, you do not only get to stay on top of your game, but you can also adapt to the ever-evolving standards of your profession.
Close deals faster and ensure fast turnaround times for every business or legal transaction. With Fill, you can track your document’s progress via real-time email alerts. Take a free tour here to learn more about how Fill works.