Lending technology provider NextGen.Net has launched electronic signatures that further simplify the loan application process.
Called eSign, the new tool is available within the company’s ApplyOnline Supporting Documents service.
NextGen.Net calls the launch of eSign a milestone in the evolution and simplification of the loan application process.
“It eliminates duplication and error and saves time, removing the need for brokers to print forms, get them to borrowers and collect ‘wet signatures’,” said NextGen.Net sales director Tony Carn.
The new tool allows lenders to integrate eSign directly with electronic signature providers, which means completing settlements faster via a highly secure method.
It also lets brokers send documents to borrowers for signing anytime and anywhere, and allows legally binding electronic signatures via third party providers, which means lenders no longer have to manually check applications.
Carn said eSign makes lenders’ job easier because they can verify that applications are signed when they receive them.
“Lenders nominate which documents can be signed electronically, and brokers have the ability to send, track, and receive signed documents within ApplyOnline,” he said.
With higher industry expectations for fast turnarounds and error-free processes, NextGen.Net said one of its tenets for streamlining application processing is the eradication of the need to email key documents.
“The launch of eSign in ApplyOnline exemplifies one of the core principles of our mission statement, which is the value of developing and maintaining a strong product and innovation roadmap,” said Carn.
The eSign capability is now available for lenders.