Consumers are desperate to refinance and lenders are overwhelmed with workouts.
Fidelity National Information Services just launched a web-based loan-modification and electronic-signature utility for their ClosingStream e-mortgage platform that make the process painless for everyone.
Mortgage may be the leader in Transaction Management
The benefit to lenders is a reduction in costs associated with servicing the new loan agreements.
The benefit to consumers is that they can cut down a 10 day process to a few minutes on a website.
“The e-sign feature provides benefits to both the customer and lender by providing an effective and efficient method to present, review and sign most document types. By using our technology, most documents are signed within hours, sometimes minutes vs. the days that it traditionally takes.”
“It’s specifically designed for changes in interest rate only that do not have to be notarized or recorded,” said Al Verkuylen, chief strategy officer for the LSI division. He noted that the results thus far have confirmed that workout agreements previously mailed out to consumers that formerly would take seven to 10 days to get back “are being signed the same day 50% of the time and within two days 80% of the time.”
He said the new loan modification utility has made significant workflow improvements because “lenders can upload documents from a computer desktop or by fax cover sheet.”
From a consumer-experience perspective, he said the improvement has been phenomenal. “Consumers can come online, view the document and come back two days later, click to sign it online. We can provide the lender a copy and an audit trail, and provide the consumer a signed copy, all from the website.
Now that Paine Webber is a bi-gone brand, perhaps consumers will begin to say “Thank you Fidelity!” It is clear that banks will.