Electronic Signatures Reduce Closing Delays and Enable Straight-Through Processing for Loan Officers

Mission Hills Mortgage Bankers, a California-based mortgage bank, made a proactive initiative to avoid a three day wait for the delivery of disclosure documents that would have been imposed by last year’s Truth in Lending Act (TILA) amendment known as the 3/7/3 Rule. To prevent this ruling from delaying the loan origination cycle, increasing costs and potential closing delays, Mission Hills Mortgage Bankers’ IT staff began a competitive evaluation of web-based electronic signature solutions that would enable loan officers to use straight-through processing. Mission Hills Mortgage Bankers selected eOriginal SmartSign® on the basis of compliance, ease of integration and total cost of ownership.

“The implementation went in without a hitch”, notes Collin Cobb, Mission Hills Mortgage Bankers’ Marketing Manager, who oversaw the training of loan officers. “Mission Hills Mortgage Bankers makes a big effort to set itself apart from its competition by combining our proven business practices with new innovations.”

“Mission Hills Mortgage Bankers joins an impressive group of financial services firms that went through a rigorous selection process before selecting eOriginal because of our compliant e-signing tools and vaulted repository services to better manage the lifecycle of the electronic transactions,” notes Steve Bisbee, eOriginal’s President and CEO.  Increasing regulatory, security and audit compliance initiatives, and the desire to protect the asset value of transactions that might enter the secondary market, make eOriginal a strong player in risk management.

About Mission Hills Mortgage Bankers
A direct lender originating loans throughout the nation, Mission Hill Mortgage Bankers is a division of Gateway Business Bank.  Founded in 1969, Mission Hills Mortgage Bankers is one of the top privately owned mortgage banking firms in the country. For additional information about Mission Hills Mortgage Bankers, go to http://www.missionhillsmortgage.com/, or email inquiry@mhmb.com or call 800-229-3832.

About eOriginal

eOriginal, Inc. provides advanced electronic signature, vaulting and electronic transaction solutions which are tamper-sealed, auditable and legally enforceable. eOriginal SmartSign® enables compliance with the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure and verifiable execution, delivery and management of commercial loans, leases and other financial industry documentation for over a decade. eOriginal customers, including top-tier financial institutions, have processed millions of electronic signatures on millions of documents without a single system error or legal challenge.

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Over the last few weeks a number of colleges and universities have contacted us to talk about how electronic signatures can be a key component in the streamlining of their workflow processes. We’ve spoken with Facilities Management, Student Business Services and Registrar’s Offices that want to convert from paper to electronic documents, optimize processes so they don’t stop for paper, mail, or faxes and how to address compliant document lifecycle management.

While streamlining process is a key to all the efforts, individual departments have specific issues. For example a Registrar’s Office would like to secure student records and transcripts. eOriginal can help Registrars eliminate fraudulent access to student records and transcripts through our rights management capabilities allowing only those employees with privileged access to view or handle records and show an audit trail that documents even attempted access. Facilities Management needs to manage multiple contracts needing multiple signatures throughout the completion of construction projects. eOriginal SmartSign® provides the ability to add and track contracts at different stages within each project lifecycle significantly shortening the time between approval and project completion. The comprehensive audit trail and repository can even help the Advancement Department to secure and archive donations contracts reducing audit exposure.

eOriginal SmartSign® offers the flexibility and security needed to meet the needs of most departments within higher education institutions. From the ability to integrate with systems already in use to reducing the manpower resources and costs associated with traditional paper based processes SmartSign can help your department to streamline its processes and become more efficient.

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