E-signature and digital transaction management provider DocuSign has announced a series of expanded features that the company asserts will allow lenders and title companies to complete a mortgage 100% digitally.
According to DocuSign, the new service, dubbed eMortgage, will enable lenders and their clients to electronically sign the mortgage paperwork associated with the more than 12 million real estate documents and 2.5 million real estate transactions DocuSign completes each year. This marks an expansion of the company’s “lead to close” strategy for the real estate industry, first announced by the company’s CEO and Chairman Keith Krach in July, DocuSign adds.
“DocuSign’s vision is to make the home buying process fully digital, from lead to close. DocuSign has transformed several aspects of home buying, but enabling a seamless, digital mortgage remained a paper-burdened experience for home buyers and sellers,” notes Georg Gerstenfeld, general manager of global real estate solutions for DocuSign.
“Today’s expanded investments in eNotary demonstrate our commitment to making a completely paperless eMortgage reality,” he adds.
The company’s announcement centers on the following two main areas:
- eNotary – This enhancement, the company says, ensures that in-person eNotarizations can now be performed via DocuSign in Florida and Washington, in addition to North Carolina, which has been available since 2014. Moreover, 10 other states could be added before the end of the year. With eNotary, there is no need to print, scan or mail closing documents: All actions can be performed within the DocuSign platform, including applying a seal and exporting a notary log, purports the company.
- Fannie Mae – Reflecting the potential for the DocuSign platform to help speed the adoption of the broader eMortgage process, the company is seeking official Fannie Mae eMortgage Technology Service Provider certification, a certification that only a handful of technology organizations have been granted by the mortgage lender. It is expected by the end of the year, DocuSign says.
“Supporting our customers’ transition to digital closings is a priority for us, and we expect DocuSign’s platform to help remove barriers and obstacles to the adoption of eNotes, thereby increasing usage across the industry,” says Cindy McKissock, vice president of customer digital experience for Fannie Mae.
The enhanced features of this new service are slated to come to market toward the end of this year.