Loan Post pushes digital signing trend with ShortSale360 platform
The Loan Post Inc. launched a new short-sale platform Monday that moves the entire process online and secures documentation with an e-signature, a growing trend at many banks. ShortSale360 is a designed to contain all relevant documents for a short sale and transport them to all parties involved. The technology includes compliance guidelines for the Home Affordable Foreclosure Alternatives program. Chief Executive Chris Fuelling said the feature not only streamlines a short-sale transaction, but also pinpoints fraud more easily. "There's a tracking system that contains the date that each document was sent and opened, the email address of those who received the files and every IP address that accessed the documents," Fuelling said in an interview with HousingWire. "The e-signature is more secure, quicker and easier to track down." Fuelling said his company is not looking for signature fraud when dealing with short sales through ShortSale360; however, Loan Post will investigate documents associated with any contested short sale. Fuelling of Loan Post said e-signing is imperative to improved timelines in the short-sale space. "Short sales are the way markets are going to be corrected faster," as opposed to loan modifications, Fuelling said. "If we are going to complete short sales in 30 to 45 days, which is what everyone wants to do, you need that kind of technology." Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.