DocuSign has announced the beta launch of DocuSign Rooms for Mortgage, designed for the lending process. The announcement expands on DocuSign’s Rooms for Real Estate, which helps manage real estate transactions.
DocuSign Rooms for Mortgage delivers a digital environment for the borrower, lender and settlement agent, and leverages DocuSign’s broader suite of solutions for Digital Closing, including eSignature, eNotary, eNote and eVault. It also facilitates several variants of the digital closing experience, depending on the what is legally permissible in each state, and how digitally advanced each party is:
- Slim Closing is a flexible, hybrid option that allows lenders to reduce the paperwork involved in closing by 70 percent, according to DocuSign. This solution combines eSignature and eNotarization, along with DocuSign connectors to leading mortgage systems. This option from DocuSign is used on a national scale at Guild Mortgage and Caliber Home Loans, and will be made more powerful with Rooms for Mortgage.
- Full Digital Closing isDocuSign’s Full Digital Closing solution that delivers an entirely electronic mortgage, approved by Freddie Mac and Fannie Mae, leveraging the components of Slim Closing along with an eNote that is stored in an eVault.
“For years, we’ve seen widespread adoption of e-signatures across the home-buying process—the ease of use, simplicity and time savings can transform the experience for all parties, and that has led to more than 2.5 million real estate transactions being DocuSigned each year,” says Georg Gerstenfeld, general manager of Global Real Estate Solutions at DocuSign. “We’ve seen great success with DocuSign Rooms for Real Estate and wanted to expand this experience into our mortgage offering. DocuSign Rooms for Mortgage provides a single digital destination for the parties involved in buying and selling to come together, process and finalize the transaction.
“As a partner to 13 of the top 15 U.S. financial services companies, we work hard to stay connected with our customers and share their vision for bringing a digital closing option to mortgage,” Gerstenfeld says. “Rooms for Mortgage not only offers this to DocuSign customers, but also helps complete the homebuyer’s experience. This means, from the borrower’s first interaction with a potential lender all the way through to the settlement agent recording the deeds with the county, the process can be digital and compliant.”
The beta is expected to last up to six months, with the full offering slated for spring 2019.
For more information, please visit www.docusign.com/industries/real-estate.
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