Building a mortgage is more difficult than it should be. It’s expensive for lenders, frustrating for homebuyers and remaining compliant across multiple areas of business can feel like a constant moving target.
DocuSign, a fintech provider, developed Rooms for Mortgage after clients reported that, while industry advancements have been made to automate parts of the mortgage process, some parts remain disconnected, incompletely digitized and dependent on manual coordination for the majority of the closing process. DocuSign developed Rooms for Mortgage to make the closing process seamless for all parties involved.
Lenders can use Rooms for Mortgage to collect borrower documents, assemble closing packages with external participants and keep the process moving with configurable checklists and reminders.
“Rooms for Mortgage allows lenders to pull all the necessary resources together for a drama-free closing day,” said Georg Gerstenfeld, general manager of global real estate solutions at DocuSign. “It’s intuitive, user-friendly and flexible enough to support traditional closings, fully digital closings with eNotary, eNotes and eVaults, or anything in between.”
With configurable workflows, lenders can create processes that allow title and settlement to send documents out for electronic signature while maintaining visibility and control. Rooms for Mortgage is powered by an enterprise-ready API, allowing lenders to integrate into their existing infrastructure to create the modern mortgage homebuyers expect.
Rooms for Mortgage was built to bring all of the people, documents and systems involved in mortgage process together in order to reduce closing times and improve the experience. The system features the following capabilities:
- Secure, digital workspace: Mortgages come together faster as each person involved works from a common digital workspace. Risk of sensitive personal financial information is reduced thanks to strict view and download permissions.
- Closing Package assembly, preview and signing: Closings are faster and smoother when packages are assembled digitally. Borrowers have a better experience, as they can review closing documents in advance, online, prior to closing. The signing experience is flexible to meet varying state/county regulations for different documents.
- Easy to integrate with open APIs: Lenders can embed Rooms directly into customer banking portals and connect data from LOSs and other systems for a seamless digital experience.
- Flexible workflow: Implementation time is reduced with configurable workflows that don’t require custom coding.
- Custom task lists and reminders: Participants stay on track and managers can quickly identify delays to keep things moving.
- Tailored view for borrowers: Improved borrower experience that is easy for lenders to set up.
- Built-in communication tools: Borrowers can ask questions or resolve mistakes within a Room – improving the experience and accelerating closing time.
- Pre-integrated with DocuSign eSignature: All mortgage participants save time and effort using the No. 1 eSignature application. Lenders gain visibility into the process history and status of all loan documents.
“Users appreciate how intuitive DocuSign Rooms for Mortgage is. DocuSign eSignature is used by hundreds of millions of users around the world,” said Gerstenfeld. “This expertise in user experience has been leveraged to make Rooms easy to understand for borrowers, loan officers, or title and settlement agents from their first use.”
PRODUCT: DocuSign Rooms for Mortgage
SNAPSHOT: DocuSign Rooms for Mortgage accelerates closing times and improves the borrower experience with a secure, digital workspace for everyone involved in a mortgage.