Software Developer's E-Sign Service Reaches 3.5m Signatures
The Oklahoma City-based mortgage software company a la mode said use of its electronic signature software continues to grow, with the product recently reaching the milestone of processing 3.5m e-signatures. Mortgage originators use the SureDocs software to apply secure e-signatures on mortgage disclosure documents, which the company said speeds the time it takes to originate a loan. In addition, a la mode recently expanded the software's offerings to include e-signatures for appraisers and real estate agents. Fannie Mae and Freddie Mac accept e-signatures on a number of loan documents. In April, the Federal Housing Administration (FHA) joined the government-sponsored enterprises (GSEs) when it announced it too will accept electronic signatures for certain third-party documents. As HousingWire reported in its HW Focus technology supplement, the Department of Housing and Urban Development (HUD) is implementing a plan to add full e-signature capabilities to all disclosure documents by the end of the 2010. “When we first introduced SureDocs in 2006, usage was limited to the most progressive mortgage companies,” Brad Eaton, chief product officer at a la mode, said in a press statement. Since then a number of changes in the mortgage industry are helping promote the use of e-signatures, including increase lender acceptance, a need for secure and compliant documents, as well as increased cost cutting. In addition to saving time, a la mode said its e-signature software helps companies reduce costs for postage. With the US Postal Service announcing it will increase postage rates, companies continue to watch their shipping expenses. “We’ve saved $61,250 this year alone in overnight shipping bills, copier and storage expenses,” Andy May, of American Dream Residential in Raleigh, NC, said in an a la mode press release. “We’ll send the GFE with SureDocs and if something changes or if we switch lenders, we would be hit with shipping fees and delays every time if we didn’t have SureDocs." In addition to the time and cost savings, a la mode also said its software creates an audit trail so originators can track their work to prevent against regulatory violations. Write to Austin Kilgore.