It is no secret that getting loan applications and disclosures finalized can be a very tedious and costly process in terms of time and money. Not only does this present a logistical hassle to the originator, it also wastes time and money on overhead costs associated with paper documents:
- Postage ($15-$20 each way)
- Data entry
Fortunately, eLending systems facilitate completely electronic, paperless methods of sending, signing and receiving disclosures over the Internet that can save considerable amounts of time and money. These systems allow disclosure documents to be e-mailed directly to borrowers in XML-based electonic format where they can be reviewed and signed with personalized e-signatures.
By facilitating the disclosures process with an electronic lending system, the cost of paper, postage, storage and other items are virtually eliminated. As far as time is concerned, electronically sending disclosures is extremely valuable because there is no need to spend hours re-entering data provided by the borrower.
Sending applications and disclosures electronically yields faster borrower commitments while ensuring that disclosure requirements are fulfilled. The time and money saved by electronic mortgage systems goes a long way. Instead of wasting it on what is now an archaic way of doing business, it can be directed toward taking on more customers and growing the business.