E-Signing Isn't Just an Origination Play

While many in the mortgage industry see electronic signatures as something that is best used on the origination side of the business, there are servicing applications as well. E-signing isn't just about closing a loan electronically. Similar to how e-signing can be done around upfront disclosures to lock borrowers into the loan and get them off the street shopping competitors, having the borrower e-sign workout agreements while the servicer has them on the phone is a quick and easy way to avoid foreclosures, too.

Integrated Mortgage Solutions, a collateral protection resource for the mortgage servicing industry, has expanded its loss mitigation package to include IMS' Notary Service, an eService product that facilitates the signing and notarization of loan documents online. All IMS eServices are MISMO SMART Doc compatible. The news was released at the 95th Annual Mortgage Bankers Convention & Expo in San Francisco.

According to recent surveys, it has been reported that 40% to 50% of loss mitigation packages are not returned from the borrower to the servicer. IMS' Notary Service eliminates barriers to and increases the success rate of loss mitigation packages. With Notary Service, whether the servicer utilizes eServices technology or the traditional paper document package delivery, IMS will draw the documents and coordinate a meeting with both the notary and the borrower. IMS determines a specific date, time and location requested by either the servicer or the borrower to have the documents notarized via electronic signature pad or the actual paper documents. IMS will perform quality assurance checks and then record the documents. "With more than 2,000 borrowers going into foreclosure each day, successful loss mitigation is of critical importance," said Cheryl Lang, president of IMS. "IMS recognizes the value that loss mitigation brings to the servicer and has designed solutions to address this need. Our eServices capability is just one solution in an effort to assist lenders in improving efficiency throughout the default servicing process. Our Notary Service offering makes it easy for borrowers to complete loss mitigation packages and improves servicers' loan portfolios."

All IMS products and services are now offered as eServices, including its Web Services and Web phone. Web Services is a direct, secure connection to IMS' system that is designed for servicers to order inspections, preservation and loss mitigation work orders in real-time with little or no IT intervention or disruption of operational processes, which automates the data and eliminates the need for a separate database. IMS' Web Phone is designed for contractors to transmit information to IMS in real-time, eliminating the need for printed materials.