Taking Homeownership to the Next Level - eMortgages

In the past, a mortgage was the kind of paperwork that required endless meetings in stuffy conference rooms and a flurry of paperwork that needed to be signed by all parties. Hours were required to read through each packet of paperwork, and many times the documents were either not read at all, or the conscientious signatories would have to spend the better part of a workday in a conference room going through each piece of paper.


All this has changed with the arrival of eMortgages, the online extension of the mortage industry that permits for the process to now be handled electronically via the Internet. Just as legally binding as their papery counterparts, the eMortgage is a legally binding contract that has the backing of the Electronic Signatures in Global and National Commerce Act. Added protection to all parties is offered by the Uniform Electronic Transactions Act. SignatureLink can help you incorporate eMortgages into your business.


With the recent housing boom on the West Coast in particular, the usage of eMortgages has mushroomed, and consumers as well as mortgage companies hail the advent of the esignature as the new way of doing business in a society that more and more strives to become paperless. In the industry that creates these documents – known as the Mortgage Industry Standards Maintenance Organization eMortgage Workgroup – the big push toward standardization of eMortgage documentation, requirements and execution is bearing good fruit.


Data is now being standardized and electronic signatures are accepted for the execution of the documents online. Thus, these documents are legally binding and enforceable, protecting both the consumer and the bank, and permitting a new level of flexibility with respect to the speed with which transactions can be done from beginning to end. What used to take at least one month to accomplish, is now oftentimes finished in less than two weeks. This in and of itself offers the homebuyer a much needed edge in that it promises the seller a speedy transactions and money in their pockets faster and with less hassle. Lenders and borrowers alike have indicated that this is the kind of business they want to continue doing, and as such more and more lenders are jumping on the bandwagon of accepting this kind of eCommerce.


The time is not too far away when eMortgages will become the way of the doing business, and the times of sellers and buyers being stuck in stuffy conference rooms with attorneys, bankers, and clerks present will become a thing of the past.

For more information on doing mortgage contracts and signatures online go to
http://www.signaturelink.com