SigniaDocs Increases Its Electronic Modification Efforts

Electronic process automation vendor SigniaDocs has expanded its service offerings around electronic loan modifications. With the additional capabilities, Dallas-based SigniaDocs said it is now capable of supporting virtually any loan workout program the industry supports. Most loan modifications negotiated by lenders and servicers are finalized by paper documents sent to defaulting homeowners in a process that is currently taking from 40 to 60 days overall to complete, according to SigniaDocs. With e-modifications, the documents are prepared and posted instantaneously in a secure Web-based environment, where the borrower can be talked through their content and click to sign the documents in minutes, the company said. Data gathered by SigniaDocs is showing that 50% of e-modifications are completed the same day they are approved, and over 80% are executed within two business days.