Electronic Signing Of Mortgages: The Way of the Future

Electronic Signing Of Mortgages: The Way of the Future for Your Mortgage

The unexpected arrival of COVID-19 has forced so much of the world to work from home and adapt to different practices of our day-to-day than we’ve ever been used to. One way that this has largely become true in the past month is through electronic signing of mortgages.

For those of you that do not know, e-signatures allow for the electronic signing of mortgages through the use of electronics such as a computer or tablet and can be done through companies such as Docusign or Adobe Sign.

This process virtually replaces a handwritten signature in almost any given process.

This is great news for you as the client. In such a busy world (despite the past month), we’ll save time where we can.

Electronic signing of mortgages benefits you as the consumer in some of the following ways:

• Ease
• Convenience
• Speed
• Security

The implementation of electronic signing of mortgages allows you as the client to save time from meeting in person, and gives you the opportunity to sign your documents wherever you are. Additionally, since everything is electronic, it eliminates the need for a printer and scanner, which not everyone has access to!

The ability to sign documents from your home, office, road, etc. allows for a more convenient mortgage process than ever practiced before!

Why Not Take Advantage?

The entire process is sped up through the use of electronic signing of mortgages. As previously mentioned, allowing you as the customer to sign the documents remotely, you save the time of meeting in person, as well as the hassle of printing and scanning. Simply sign, save and send! Data from Docusign shows that 82% of documents are completed in less than a day and 49% of those are completed in less than 15 minutes! Imagine that. The faster you get your documents signed and back to your broker, the more productive you allow your broker to be with proceeding with your file, creating more peace of mind for you. This allows the entire process of your mortgage to be done in a simpler, more efficient way.

Security

Lastly, security. I’m sure a lot of us are a bit reluctant to electronic signing of mortgages due to the security of the nature. However, these documents are secured through coded messages so that the signature associates a particular signer with a document for a given transaction. Even the Government of Canada has begun accepting e-signatures for income tax purposes during this COVID-19 time!

The use of electronic signing of mortgages have exploded this past month due to the virus. People have realized just how convenient and easy it is to have these documents signed at their fingertips! E-signatures are not only the way of the future, but a way of the future of a typical mortgage process.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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