Digital Loan Doc Signing is Here – What You Need To Know
Digital signing has been recently introduced by those lenders who are committed to making their clients loan settlement experience more efficient, seamless and stress-free. As a bonus, the reduced paper consumption is also a huge step forward in sustainability and the environmental impact of the mortgage industry.
Here’s how it works. Once your loan is formally approved instead of the loan documents being generated by the lender and either posted to you or emailed to the broker for them to print, the lender will directly email the docs to you once the broker has confirmed the terms of the loan are correct.
To start the process, customers will receive email instructions on how the process works and after receiving a secure code via SMS, can sign in to complete the documents. Once the first applicant has signed, the documents will be sent to the next applicant and so on until they have been fully completed by all parties. The documents can then be emailed back to lender with each applicant receiving a copy of the fully completed pack for their records.
The mortgage document is still required to be returned in hard copy so the client will be required to print this off and have it signed as normal. The good news is, however, is that the Land Titles Office is looking towards making the mortgage execution process digital also, so manual signing may be a thing of the past.
The ability to have your loan documents sent straight to your inbox means that you can sign them anywhere and return them to the lender within the same day making settlements quicker and increasing efficiency. There are certain instances where digital signing is not available, but your broker will be able to advise when this feature is not applicable. Alternatively, if you do not wish to sign digitally there is the provision to opt out and have your documents sent in hard copy.
Currently both Bankwest and Macquarie Bank offer digital signing and our own experience with both lenders and their process is that it’s extremely efficient and the client experience a positive one.
If you would like more information about digital signing or anything mortgage related contact, you Blackburne Mortgage Broking team.