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Pathways to eMortgageHow E-Signatures Help Build a Secure & Compliant eMortgage Foundation

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TA B L E O F C O N T E N T S

1 Introduction 3

2 Steps to eMortgage 6

3 Case Studies 16

4 Solution Best Practices 23

5 The eSignLive Platform 30

6 Conclusion 32

“An individual mortgage generates on average about 6,000 pieces of paper across

al l stakeholders from start to f inish.”

- CFPB’s Mortgage Closings Today

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1 INtroDUCtIoN

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“…it is only now that the“perfect storm” of consumeracceptance of new technologies,the ability of mortgage companiesto rollout new digital tools, andnearly universal mobile broadbandaccess has created a climatein which people applying formortgages can have a completelydigital experience.”

National Mortgage News

Although bankers have been talking about paperless mortgages for years, the complexity of the process, legal ambiguities and an overall hesitancy in an uncertain environment have inhibited progress. Digitizing the upfront application process has been the main focus, but new regulations, digital technologies and customer expectations are creating renewed urgency for removing paper all the way through to the closing table. Success with the up-front application and eDisclosure delivery process has spurred more investment in eClosing. Hybrid closings are becoming more popular following the CFPB pilot in 2015. Two-thirds of U.S. households reside in jurisdictions that enable eRecordings. And investors are actively participating. The MERS eRegistry is a good indicator: 328,642 eNotes1 have been registered since February 2015 and that number continues to grow.

Today, the end-to-end eMortgage is within reach. By embracing eMortgages, banks not only accelerate and simplify the mortgage process; they improve the customer experience for a generation of consumers who expect the speed of the Internet and the convenience of mobile devices. On the back-end, banks benefit from greater efficiency, visibility, and centralized control over the mortgage process, imposing consistent standards for compliance and security.

1 Fannie Mae

the INDUstry Is heaDINg towarD fUlly eleCtroNIC

Mortgage ProCessINg.

are yoU reaDy?

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Now baNks of aNy sIze

CaN Move to eMortgage

beNefIts of e-sIgNatUres

for the borrower: • get approved faster with a lender that

can process the application in 24-48 hours

• greater convenience - borrowers e-sign documents from anywhere

• Close faster - lenders using a digital process are closing in <25 days

for the bank:• attract new customers with a quick,

convenient, digital experience • Cut processing/underwriting time • honor the rate lock • extend your reach beyond the branch• Offloadadministrativeworksoloan

officerscanspendmoretimeselling• Minimize human errors (NIgo rates)• reduce manual Qa checks • Decrease processing costs • Improveefficiencyandproductivity• Capture comprehensive audit trails for

evidence of compliance

In the past, the need for deep IT investments left many small- to medium-sized banks and lenders out of the eMortgage loop.

Today, however, that has changed. Even the smallest banks can no longer afford to stay on paper. TRID regulations demand precise documentation that must be delivered and/or signed within strict timeframes. And borrowers accustomed to online services are becoming increasingly impatient with slow, paper-based transactions.

Fortunately, all banks can catch up through new technologies and secure cloud services like e-signature. By applying the right e-signature solution—the core component of any electronic documentation process—banks can make quick wins by taking a phased approach to eMortgage.

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2 stePs to eMortgageStart Fast and Scale Over Time

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The vision of an end-to-end digital mortgage process is to provide greater convenience to the consumer and more efficient workflows for the lender.

Taken as a whole, the complexity of regulatory requirements and the technology necessary for automating the process can appear intimidating. Yet there’s good cause for optimism. As the graphic shows, the eMortgage can be progressively automated in a series of steps. By examining each step, banks and lenders can better understand how to start fast and scale over time.

PrOvEN ANd PrACTICAL FIrST STEPSBanks and lenders have found the greatest early successes by being able to:

 1. Offer consumers the ability to complete

and e-sign the application package online

2. deliver disclosures electronically

3. Incorporate electronic documentation in a hybrid closing

TAKE A PhASEd APPrOACh

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ThE APPLICATION

PrOCESS

Electronic signatures and eMortgage are hardly new to the industry. Originators big and small have successfully automated the initial stages of the mortgage process. If your bank hasn’t started to automate, leveraging e-signatures for the application is a logical and easy first step for two key reasons:

1. Faster way to collect signatures and improve customer experience

The application is a cumbersome package composed of many documents. Removing paper entirely at this stage and giving customers the ability to complete and sign the application online has an immediate impact on customer experience. On average, online applications with e-signature capability are completed in 24 to 48 hours, as opposed to 7 to 10 days for paper. In short, automating the upfront application addresses two of the biggest frustrations with the mortgage process: there’s too much paper and the process takes too long.

2. Faster way to deliver the Loan Estimate (and collect the fee)

Clearly, electronic delivery accelerates the process. However, the true benefit of using an e-signature platform for eDisclosure delivery is directly related to the CFPB’s new TILA-RESPA Integrated Disclosure (TRID) rule. Lenders and brokers cannot collect an origination fee until after the consumer has demonstrated intent by reviewing and signing the Loan Estimate. This is important since the consumer will likely continue to shop around for a better rate until they are committed by paying the processing fee—making the need to deliver disclosures and quickly capture intent more urgent.

While the consumer’s intent can be communicated verbally, through email, or by a signature, it must be documented by the lender. By having the consumer e-sign the Loan Estimate, the lender meets the documentation requirement and can confirm the consumer’s intent to proceed by obtaining the application processing fee.

Accelerating the application process and disclosure delivery also helps the lender honor the 30-day rate lock. Lenders are reporting that with e-signatures, mortgages are closed in 25 days versus the industry average 45 - 60 days.

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As part of the underwriting process, banks and lenders must properly capture all signature authorizations from the borrower on consent forms authorizing the various verifications.

Today, appraisers, banks and GSEs widely accept e-signatures and eDelivery. As an example, the IRS has accepted e-signatures on its tax transcript request form since 2012. This acceptance is great news: the documents signed in the underwriting stage can be shared with other stakeholders without having to revert to paper—the entire workflow can remain efficiently electronic.

AddINg dIgITAL dOCuMENTS TO ThE MOrTgAgE FILE

“ For those already employing e-signature technology for other disclosure docu- ments in a mortgage file, adding a digitally signed 4506-T will not be difficult. These companies will simply add the form to the queue of documents digitally signed in the signing room.”

Mortgageorb

uNdErwrITINg

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Under the new TRID rules, lenders must place the Closing Disclosure in the mail six days before closing to ensure the customer has received it three business days prior to closing. This timeline becomes challenging when last minute changes arise in a transaction. Last minute changes may mean that the lender can’t meet the timing requirement for the Closing Disclosure, putting the closing date at risk and by extension, the rate lock. And if a last minute rate change isn’t bad enough, imagine the inconvenience to the customer who has the moving truck scheduled to arrive on closing day—only to learn that closing has been delayed by almost a week because of errors in their closing documents. This in turn could mean unplanned hotel expenses and other extended costs that the customer had not anticipated.

deliver the entire package in one step

More lenders are choosing to electronically deliver the complete closing package along with the Closing Disclosure. Rather than sending it as an email attachment, banks can deliver it to the borrower through a secure, authenticated link.

give the customer time to review the closing package by delivering the following ahead of closing:

• loanestimate

• contractforthesaleoftheproperty

• note

• deed

• proofoftitlesearchandinsurance

• floodcertification

• proofofhomeownersinsurance

• mortgageinsurance

• homeappraisal

• inspectionreports

• closingdisclosure

The customer is then able to review all documents in advance of going to the notary. Not only does this give customers a greater sense of control over the process (i.e., the closing table isn’t the first time they’ll be seeing these documents), it gives borrowers time to identify and correct potential errors—before they disrupt the closing timetable.

PrE-CLOSINg

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CLOSINg

Success with the up-front application and eDisclosure delivery has spurred greater interest in eClosing.

Because the closing is complex, involving strict rules for notarization, recording and tracking the authoritative copy of the eNote, this has historically impeded adoption of an all-electronic process.

But rather than wait for the industry to move to a standard model, lenders have proceeded by adopting two types of eClosings:

• Hybrid eClosing • Full eClosing

use of Electronic documents at Closing Improves Customer Satisfaction

“… customers still struggle to understand lenders’ communications, and rate lenders that use electronic documents for closing, higher.”

aIte groUP U.s. home Mortgages: onboarding and risk

Management vie for It Dollars

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hyBrIdeCLOSINg

As the name suggests, “hybrid eClosings” incorporate a mix of electronic and paper documents. This can be done:

1. Face-to-face at the closing table:

The title agent guides the borrowers through the process of e-signing all documents—with the exception of any notarized documents such as the Note and security instrument. Borrowers would click-to-sign either on the title agent’s laptop or tablet, or on their own device.

2. At home before getting to the closing table:

In this scenario, the closing package is provided to the borrowers in advance. Rather than sending it as an email attachment, it is provided to the borrowers through a secure, authenticated link. Borrowers are able to review and e-sign all non-notarized documents in advance of going to the notary. The Note and security instrument are signed with pen and paper once face-to-face with the notary.

“An eClosing process can have tremendous benefits for lenders, even if they are beginning with a hybrid process in which the note and/or security instrument are still wet-signed paper documents.

your ultimate goal may be to go paperless; however, originating, selling, and servicing eNotes imposes additional requirements and considerations on lenders. Starting with a hybrid eClosing approach allows lenders to realize the benefits of electronic documents through operational efficiencies. Lenders can provide a vastly improved borrower experience through eClosings, all the while moving toward a full paperless process as the industry works to remove obstacles specific to eNotes.”

fannie Mae

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ThE FuLLeCLOSINg

Title and escrow companies generally manage the eClosing on behalf of the lender. The full eClosing includes the signing of the promissory Note and security instrument. To sign these electronically, title companies must address:

Notarization: Documents can be notarized by a notary who is using an electronic signature in lieu of an ink signature. However, the notary has to meet other state requirements. eNotarizations are permitted in at least 18 states.

recording: The signed security instrument must be recorded with the County Recorder. Acceptance of digital security instruments varies county by county; jurisdictions that are not eRecording enabled will need to print the security instrument for recording.

evaulting: There can only be one authoritative, legally recognized eNote formally registered with MERS. Since February 2015, 28,642 eNotes have been registered and that number continues to grow. To accommodate a secure, auditable transfer to MERS (and in any post-closing activity, to other authorized parties), lenders need a compliant eVault system for secure storage and any operations transferring control or location of the eNote.

“ It is important to note that in order to be entirely paperless the security instrument will typically need to be eNotarized and erecorded. while 2/3 of u.S. households currently reside with an erecording- enabled jurisdiction, eNotarization capabilities vary significantly by state.”

fannie Mae

For the electronic signing, two types of signature capture are possible: click-to-sign or hand-scripted signature. For the latter, the signer can either:

1. Sign with a stylus directly on the title agent’s iPad.

2. Use their personal smartphone as a signature capture pad. To do so, the customer would open an email notification on their phone and tap the link. This would present a signature capture box. The customer simply signs with their fingertip. Clicking “Submit” sends the signature image back to the e-signature platform which securely affixes the signature to the document.

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rECENT COurT ruLINgS

“Two recent court rulings affirmed that lenders can enforce electronically signed and transferred Notes […] with these two decisions, many doubts circling eNotes can be laid to rest, making the mortgages they pertain to more palatable to secondary market investors, and hence to originators.

“Customers in the mortgage industry and companies have been comfortable on the edisclosure side but less comfortable with the eNote side," Tank said. "what we hear all the time is, 'we can make the eNote, but what if we want to sell?' The transfer history was sufficient along with the eNote to meet the statutory standard. This will help loan origination and concerns that investors may have.”

National Mortgage News

May 2016

“The regulators in this area have been reticent. The courts are going to be leaders in the electronic records and signatures space. It should give a lot of comfort to the mortgage industry.”

Why ESIGN Is Not Enough

The federal ESIgN and state uETA laws gave electronic signatures the same legal weight as their paper counterparts, but these laws do not give e-signatures any special status. It is the strength – or weakness – of your electronic evidence that determines exposure to legal and compliance risk. get insights from three legal experts in this white paper.

Margo Tank, a financial services attorney and partner with

BuckleySandler LLP who specializes in electronic signatures

dOwNLOAdhErE

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POST–CLOSINg

After the Closing, subsequent mortgage- related operations such as transferring the eNote to investors, or giving access to authorized servicers and custodians, will require an eVault system.

evaulting is another step in the digitaltransaction process

Secure eVaulting addresses both questions in a way that encourages the trust of legal advisors, lenders, investors, underwriters and rating agencies, providing the crucial link between the closing and all post-closing activity. After being electronically signed, the authoritative copy of the eNote will be registered in an eVault and protected throughout its lifecycle. An eVault securely manages the transfer of control and location between various parties and other eVaults. It also ensures that electronic mortgage Notes are stored, managed and verified electronically in compliance with ESIGN and UETA requirements.

developed for companies that do full eClosings, the eSignLive evault is available on-premises or as a cloud service. The advantage of cloud is that lenders don’t have to deploy an evault system on-premises — they simply subscribe to a service and have their eNotes managed by a third-party document custodian.

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3 Case stUDIes

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Although the idea of a paperless mortgage industry may feel like an elusive promise, many banks and lenders have taken impressive steps towards eradicating the costs, errors and delays inherent in paper. Yet, given the complexity of the eMortgage, no bank embraces the entire process at once. As you’ll see in the following case studies, even the largest banks tackle the eMortgage in stages. By doing so, they’ve learned important lessons relevant to all lenders: digitize one step at a timeLenders can seize the “low hanging fruit” within the eMortgage process, improving customer satisfaction and increasing efficiency now, instead of postponing progress until they can digitize the entire chain.

Start with the application and disclosure delivery The fastest way to start is by beginning with the transactions that are entirely within the bank’s control - and move to eClosings in a subsequent step.

Focus on immediate time and cost savingsGetting quick returns is not only financially prudent, they build confidence and encourage deeper institutional commitment to future steps.

Lay a foundation open to future growthCommit to digital technologies that will remain relevant as the bank expands its eMortgage program and coordinates with additional third parties. The best electronic signature solutions, for example, will scale regardless of technological improvements or evolving compliance standards.

COMPANIES ThAT hAvE MAdE FAST

ENTrIES INTO eMOrTgAgE

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MOrTgAgE APPLICATIONS

Somerset Lending reduces application completion to 24 hours,increases revenue 30%

Based in Michigan, Somerset Lending is a residential mortgage lender that distinguishes itself from the “big box bank” by offering superior customer service. As part of its commitment to greater speed and flexibility, Somerset digitized its 50-60 page mortgage application in 2014.  “We’re offering the technology that customers are excited to use, and a digital experience that streamlines the mortgage application for everyone involved,” says Somerset Lending President, Brad Saarela. To complete the application, 90 percent of Somerset customers use e-signatures on their iPads at home. By transforming the application into a digital process, Somerset delivers convenience that has allowed it to compete successfully against larger mortgage lenders. Since adopting the electronic application, Somerset has reduced its new business application completion times from an average of two-to-four days to just 24 hours. More importantly, Somerset’s ability to meet the consumer’s demand for speed and convenience has led to a revenue increase of 30 percent.

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MOrTgAgE APPLICATIONS

ANd dISCLOSurES

Signature Mortgage elevates customerservice, lifts revenue >100% 

ChALLENgE deliver big convenience on asmall budget

From its founding in 1996, Signature Mortgage has competed against bigger banks by offering superior service with a personal touch, a philosophy that’s rewarded its15-person team with over $2 billion in residential loans. Recognizing the popularity and convenience of the internet, CEO and founder Bob Catlin turned to the web as a means for streamlining a costly, time-consuming process. “We knew we needed to provide customers with the ability to review and sign mortgage documents electronically over the web from the convenience of their home and office,” says Catlin. But, “As a small regional operation, we did not have the budget or IT resources needed to build or support the types of electronic signature solutions that our large national competitors were investing in.” 

SOLuTIONuse cloud e-sign service

Signature is using a SaaS solution from eSignLive that manages the entire process of securely delivering documents and collecting signatures.

Bob Catlin, President & Founder

Signature Mortgage

rESuLTSApplication cycle down to 25 days, revenues up by >100%

With the e-signature solution in place, over 90% of Signature’s mortgages are signed electronically. Benefits include: 

SPEEd

Applications are completed in 24–48 hours, as opposed to 7 to 10 days for paper; loans close in fewer than 25 days, versus the 45–60 day industry average. 

hIghEr rEvENuES

The faster pace has helped accelerate revenue growth by more than 100 percent. “Without our streamlined loan origination process, including e-signatures,” says Catlin, “there’s no way we could keep up this pace.”

LOwEr COSTS

Signature has cut shipping expenses by 85%.

 

“eSignature is a game changer for us. we normally took 7–10 days just to make a loan application so we were losing a tremendous amount of time on the front-end waiting for the documents to come back. Now we get the e-signed documents back in minutes. This enables us to get the client to the closing table much faster."

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In 2013, Wells Fargo enhanced its digital process by enabling eDelivery of disclosures for home equity line of credit (HELOC) applications.This provided customers the ability to review disclosures through a web or mobile browser and keep the process moving forward without having to wait for a paper package to be delivered through the mail.

In May 2014, Wells Fargo extended eDelivery of disclosures to all residential home mortgage applications. In addition, the bank delivered residential mortgage disclosures to mobile phones.

In 2015, Wells Fargo enhanced yourLoan TrackerSM to provide customers who opt for a paperless process, the ability to electronically sign their mortgage application.

The bank’s ongoing focus on consumer and client education and empowerment is a cornerstone of their mortgage program. It continues to expand customers’ choices in how they interact in the process, helping them succeed financially, their way.

“we purchased eSignLive Enterprise to allow tracking and evidence of electronic document delivery.

Benefits we have already experienced are customer convenience, company cost savings, and an improved loan process.”

Customer review on g2 Crowd

MOrTgAgE APPLICATIONS

ANd dISCLOSurES

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Full eClosing in Action

Title companies see the electronic future ahead; many realize that to remain relevant, they must adopt closing processes that are more convenient for both consumers and banks. A major title company is currently working with eSignLive to test an eClosing program in three counties of a major metropolitan area. In the pilot, participating borrowers receive the pre-closing materials electronically. The closing itself is conducted face-to-face among the borrowers, lenders and the notary. Using any Web-enabled device, such as a laptop or tablet, the signers and notary use eSignLive technology, labeled under the title company’s brand, to electronically sign the eNote.  Once the signing is complete, consumers have access to a review copy of the eNote via a secure website through which it can be downloaded and printed.

On the back end, because eSignLive supports the SMART Doc format required by Fannie Mae, the eNote is then stored in the eSignLive eVault and registered with MERS.

ACCOrdINg TO FANNIE MAE, ThE BENFITS OF ECLOSINgS INCLudE:

Faster liquidity in the secondary market

Operational efficiencies (cost savings)

Quicker warehouse inventory turn times Elimination of inefficient workflows

Increased data quality

Consistency and accuracy in the closingprocess

Potential loss of notes eliminated, resultingin better collateral control

Improved risk management

reduced carbon and ecological footprint

reduced courier and shipping fees

FuLL eCLOSINg

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FuLL eCLOSINgPILOT

CFPB pilot program demonstrates value of eClosingIn 2015, the Consumer Financial Protection Bureau (CFPB) conducted a pilot eClosing project to identify ways lenders could fulfill the “Know Before You Owe” obligations more effectively and efficiently. The four-month pilot involved seven lenders, four technology companies, many settlement agents and real estate professionals, and over 3,000 consumers. Participants exchanged documents in three different ways: in traditional paper trail, via a completely electronic eClosing process and a hybrid of the two.  After the pilot closings, 1,200 borrowers completed follow-up surveys about their experiences. The CFPB released a report summarizing the survey findings: 

Superior understanding

The survey probed for the borrower’s understanding of important loan information, including terms and fees. The report found a 7% positive difference in perceived understanding scores for borrowers using electronic versus paper documents. 

More efficiency

Borrowers assessed their experience regarding errors, delays, and time spent between steps. Again, those who used eClosing methods registered a 17% positive score advantage. 

greater empowerment

When asked about how they much power and control they had in the closing process, including the ability to ask questions and flag concerns, the eClosing borrowers reported a 15% positive score difference. In conclusion, the CFPB believes, “using an eClosing process can facilitate faster document delivery” and that “those who closed their mortgage using an electronic platform are generally better off on measures of understanding, efficiency, and feeling empowered than borrowers who used just paper forms.”

Learn more

“The survey asked consumers about their perceptions of how

eff icient the overal l process was. This included their

perceptions about delays, errors in the documents, and the t ime

between important steps.

The study found a 17% posit ive difference in scores

for borrowers using eClosings compared to borrowers using

paper documents.”-HousingWire

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4 solUtIoN best PraCtICes

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The following are the essential characteristics banks should look for in an effective e-signature solution:

1. Ease of use for senders, signers and IT

2. Flexibility to white label the user experience

3. A scalable enterprise platform

4. Comprehensive audit trails to demonstrate compliance with confidence

SOLuTIONBEST

PrACTICES

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The way customers experience the e-signature process is just as important as the quality of the underlying technology itself. This is especially true in mortgage, where complex document packages need to be presented to borrowers in such a way that they can easily:

• Navigate between many different

documents

• Sign and initial in the proper locations

• review all the information

• download copies of documents

Make it easy for customers whAT TO LOOK FOr

visual cues and colorful signature blocks thatguide customers to sign in all the right placesso documents are returned error-free

Ability to e-sign on any device (i.e. smartphone, iPad, laptop, desktop computer, etc.)

No training or account required to e-sign

A solution that pre-populates signing data (name, title, date, etc.) to save time

A solution that enables people to quickly complete high-volume transactions in real-time—no data latencies

Ability to white-label the workflow to ensure aseamless experience that customers trust

“Borrowers appreciate the flexibility and convenience of an online application process that includes prefill capabilities (a customer perk), electronic delivery/distribution of documents with signature capabilities, and mobile image transfers and functionality to stay up to date on statuses.” Aite GroupU.S. Home Mortgages: Onboarding and Risk Management Vie for IT Dollars

EASE OF uSE

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Lenders and their employees also need tools that are easy to use. An e-signature solution has to make it simple for loan officers and bankers to get the job done.

In a fully integrated scenario where a high volume of documents is being processed through the mortgage origination system (MOS), there is no manual work required to prepare documents for e-signing or prepare disclosures for e-delivery. Everything is automated.

EASE OF uSE

If you plan to integrate e-sign capabilities into existing core systems, web portals or mobile applications, look for an e-signature solution:

• with an open API and fully supported SdKs

• That enables you to start developing in the cloud so that you don’t have to delay going live until the full integration with your MOS is completed

eSignLive is the only single platform solution for reducing time-to-market and total cost of ownership. You can code once and deploy anywhere in the world—whether that’s in a public cloud, private cloud or on-premises. eSignLive offers a common platform and integration framework that enables you to re-use the same code across your different use cases, lines of business, channels and geographies.

However, smaller banks and lenders may choose to not integrate e-signatures with their MOS. They can still move forward with e-signatures immediately using a web service such as eSignLive Professional Edition. While this involves some manual document preparation for employees, that effort is minimized through time-saving features like drag-and-drop menus and pre-filled templates.

Make it easy for employees Make it easy for IT

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The e-signature solution should enable you to easily white-label the workflow so customers see your brand—and only your brand—before, during and after they sign. Fully branding the email notifications and signing ceremony creates a seamless experience your signers can trust. This reduces risk of drop-off.

Ask the vendor if you can modify the look and feel of the signing workflow so that it matches your corporate brand guidelines. It should never be apparent to users that the e-signing workflow is being driven by a third-party solution. Otherwise customers may lose trust in the process and ultimately, abandon the transaction.

eSignLive is the only e-signature provider that enables you to completely white-label every aspect of the e-signature process. This includes giving you the ability to:

Integrate with your SMTP servers to allow emails to be sent from your domain (e.g., @yourbank.com) instead of ours.

Customize the colors, logo and the visibility of elements such as header, navigation bar, footer, etc.

Customize the content and look-and-feel of email notifications.

Customize dialog boxes and error messages. Learn more

whITELABELINg

ESIgNLIvE INTEgrATES wITh yOur SMTP SErvErS TO ALLOw EMAILS TO BE SENT FrOM yOur dOMAIN

(E.g., @yOurBANK.COM) INSTEAd OF OurS.

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In the current regulatory environment, there is increasing pressure to fully document processes and decisions. If your bank has not systematically tracked and recorded all actions and maintained reliable records, you risk not being able to demonstrate compliance. This is why we recommend looking for an e-signature solution that captures comprehensive audit trails.

eSignLive captures all the “digital fingerprints” customers and employees leave as they go through a signing process, and offers two types of audit trails:

1. Static audit trail (what the signer signed)

The document’s audit trail contains the digital certificate used to sign, as well as the signature block image, time stamp and unique signer identification information. The document and the e-signatures it contains are tamper-sealed with a digital signature. Especially relevant in a multi-signer process such as mortgage, eSignLive time stamps and locks down each signature and any data entered by each signer, independently of the other signers.

2. visual audit trail (how the signer signed)

The eWitness feature provides context for how an electronic record was presented, reviewed and signed—and makes it possible to replay transactions screen-by-screen. This resonates well with the legal and compliance teams because it provides direct visibility into when and how the transaction took place—something that simply isn’t possible in the paper world.

“david whitaker, a lawyer in the washington office of Buckley Sandler,

said that banks must be able to demonstrate that customer documents are protected, and that they can’t be changed after they’re signed.

They also need to be able to demonstrate the process, down to the specific screen shots the customer sees, for putting an electronic signature on a document.”

american banker “the Circuit: an e-signature event”

AudIT TrAILEvIdENCE

learN More

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There are many e-signature solutions on the market, but not all of them meet the stringent regulatory and workflow demands of the eMortgage; even fewer are capable of delivering e-signature, eDelivery and eVaulting all from a single platform.

Although digital requirements change slightly at each step of the process, look for a single e-sign platform that can fully automate the mortgage process, all the way through to eVaulting—either on-premises or on the cloud.

To ensure a consistent user experience across the enterprise, lower total cost of ownership and avoid managing multiple vendors, look for a solution that can also scale to other business lines within the bank.

Most banks have launched Digital Enterprise initiatives. Across all lines of business, there is a need to go digital to enhance the customer experience and remove paper costs and inefficiencies.

Standardizing at the enterprise level ensures a uniform, consistent approach to e-signing. This requires a solution with the flexibility to handle any process across the bank.

A SCALABLE,ENTErPrISEPLATFOrM

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5 the esIgNlIve PlatforM

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APPLICATION

eDISCLOSUREDELIVERY &SIGNING

eCLOSING ROOMLoan OperationsTransfersAudits

eDeliveryTransfersPaper Out

MERS eNoteRegistration & Updates

PROCESS /UNDERWRITE PRE-CLOSE CLOSE POST-CLOSE SERVICE

INVESTORDELIVERY

LOAN ORIGINATIONSYSTEM

CONTENT MANAGEMENTSYSTEM MERS

eSIGNLIVE(cloud or on-premises)

eSIGNLIVE e-Vault MANAGER(cloud or on-premises)

Available as a standalone solution or seamlessly integrated with enterprise systems, eSignLive provides flexible solutions for all areas of the mortgage workflow.

A FLEXIBLE, ENd-TO-ENd SOLuTION FOr MOrTgAgE

SEE ThE PrOduCT dATAShEET

SEE ThE PrOduCT dATAShEET

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6 CoNClUsIoN

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are yoU reaDy

FOr eMOrTgAgE?

Your bank can now offer customers a superior eMortgage experience if you take the right actions and choose the most appropriate supporting technologies.

Use the following checklist as a preparation guide. Your answers will help you assess your current status, and can inform your search for effective solutions.  

do you understand TrId requirements and are you prepared to meet them?

which steps in the eMortgage process is your institution ready to embrace?

Can you distribute application packages of any size without facing deliverability, security, privacy or compliance challenges?

Are you able to accelerate your ability to capture the consumer’s intent on the Loan Estimate?

will you be able to submit the Closing disclosure fast enough to avoid closing delays?

Is your institution ready to manage secondary market transactions electronically?

have you identified low-cost entry points that can demonstrate quick returns?

Are you on a path that can accommodate future changes in technology, regulatorydemands, and consumer expectations?

Can you store key documents electronically?

Are you able to collect electronic signatures from any device, at any place?

Is your e-signature process fast, simple and easy to understand?

Can you white-label your e-signature experience?

does your e-signature solution recreate the signing event to support compliance?

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T r u S T E d B y

SELECT PArTNErS

For more than 20 years, eSignLive has provided proven e-signature, eDisclosure delivery and eVaulting solutions. In addition to processing eMortgage documents for lenders and originators of all sizes, we are also a long-time participant in industry standards associations such as the MERS eRegistry Development Advisory Team and the Mortgage Industry Standards Maintenance Organization (MISMO). Available as a standalone solution or seamlessly integrated with enterprise systems, eSignLive provides flexible solutions for all areas of the mortgage workflow. Give us a call to speak about your individual needs and requirements in more detail.

You no longer have to postpone progress on the eMortgage. For help with any of the above questions, or to get further insight on how you move into eMortgages fast, contact an e-signature expert at sales@esignlive.com or by calling 1-888-745-2647.

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