Although automation of document preparation functions is not yet complete, it is moving forward and making the process easier in some respects, according to a document services provider and some in its industry user base.
While Federal Housing Administration disclosures are still slower to move toward electronic signatures than others and the promised
Andrew McElroy, vice president of operations at privately held American Federal Mortgage, told this publication that his company adopted new click-sign e-signature capabilities after hearing from DocuTech they were available about 90 days ago and it seems to be improving on a consistent basis.
Automation has been improved in response to user feedback such that the system instructs borrowers when they have to print and “wet sign” document by hand versus authorizing it by e-signature, he said.
McElroy, whose retail-channel mortgage company lends primarily on conventional product in the New York-New Jersey-Pennsylvania-Connecticut region, said he also is considering the aforementioned new file transfer automation, but because it requires more information technology expertise he was waiting for the company’s IT expert’s to size it up and provide feedback at deadline.
What the improved secure file transfer protocol technology, known as sFTP, does is help companies store documents and the various iterations of them throughout the process that might be needed for an audit in “the cloud,” automation DocuTech chief operating officer Scott Stucky said the company began offering because it did not “want to be in the document repository business.”
