Xerox Simplifies Loan Process with Electronic Signature
June 12, 2008
In a move to help the mortgage industry process loans faster and enhance customer service, Xerox Mortgage Services has added e-signature – a secure and convenient way to complete mortgage loans without having to sign hardcopy documents. This enhancement builds upon Xerox’s (NYSE: XRX4) current Web-based BlitzDocs® Collaboration Suite that uniquely supports paper, imaged and electronic loan documents.
Mortgage participants can now sign new or re-financed home loans online by simply pointing their mouse to, and clicking on, the document’s signature line. Electronically signed documents are then securely managed and stored in a repository, known as an electronic vault. Audit tracking detects where the documents travel throughout the system to keep tabs on any transactions made during the loan lifecycle.
E-mortgage solutions allow mortgage lenders to turn loans around quicker with greater control, reduce printing and mailing costs, and make a positive impact on the environment.
“Mortgage lenders who embrace electronic signatures have a competitive advantage in today’s complex marketplace,” said Greg Smith, vice president, Xerox Mortgage Services. “Xerox’s enhanced e-mortgage functions offer our customers the most comprehensive solution for paperless mortgage transactions in the industry.”
Licensed through eSign Systems, a division of Wave Systems Corp. (NASDAQ: WAVX - News), the electronic signature capabilities will help expand the BlitzDocs’ network of mortgage participants – giving users access to a larger pool of financial lending institutions and other service providers.
“For the mortgage industry to thrive it must drive down costs while improving customer service,” said Jeanne Capachin, research vice president, IDC/Financial Insights. “Vendors that can arm their customers with a total package – the right combination of technology and services, will help the industry weather a challenging time.”
For more information about Xerox Mortgage Services, visit http://www.xerox.com/mortgageservices