successes
uSign Enables Smooth Sailing for World Traveler
eLynx uSign Enables Borrower in India to Review and Approve Loan Documents Via the Internet for U.S.-based Fairfield Mortgage.
Who:
Ashok Goyal (Detroit, Mich.), borrower and uSign user
John Hendley, senior loan officer at Fairfield Mortgage, a subsidiary of Guaranty Bank
When:
February-March 2004
What:
Utilizing eLynx uSign to electronically approve loan documents
Challenges:
In February, Ashok Goyal planned to purchase a house in Detroit, Mich. However, he was concerned that an upcoming extended trip to India would interfere with his efforts to secure a home loan. Using conventional document delivery methods, the loan documents would have to be couriered back and forth between the United States and India for Goyal’s review and signature, a costly and time-consuming process. Another concern was that, due to the rarity of notary publics in India, the documents might not be legally binding in the United States.
Goyal contacted Fairfield Mortgage, a subsidiary of Brown Deer, Wis.-based, Guaranty Bank, and spoke to John Hendley, the lender’s senior loan officer. Hendley approved Goyal’s loan over the telephone and assured him it that his trip to India would not impede his approval of the loan documents, since Fairfield Mortgage utilizes eLynx uSign, a new technology that enables online document approval.
Solution:
Through eLynx uSign, lenders like Fairfield Mortgage, are able to electronically deliver early disclosure packages and loan documents, enabling homebuyers like Goyal to electronically review, approve and submit early disclosure packages and loan documents, all securely through the Internet. The review and approval of loan documents only takes a matter of minutes and eliminates the delays traditionally associated with the delivery of documents and the receipt of signatures, as well as the cost of mail and courier fees.
eLynx uSign is easily integrated into any document origination system to provide a seamless, branded delivery and approval environment. Additionally, eLynx uSign complies with Electronic Signatures in Global and National Commerce Act (E-SIGN) and Uniform Electronic Transaction Act (UETA) legislation, so lenders have the reassurance that their documents are being securely transmitted in compliance with the most up-to-date regulations.
Result:
Once in India, Goyal electronically received, reviewed and approved most of the documents immediately through eLynx secure Web-server. When he had a question specific to one document, he e-mailed his inquiry to Fairfield Mortgage and received a response from Hendley within 24 hours, enabling him to quickly approve the final document. Goyal estimates he spent 30-45 minutes total reviewing and approving his document package.
“The process was very impressive because it was so easy and quick to use,” said Goyal. “The service is so much more convenient than traditional paper documents, I preferred using eLynx uSign rather than couriers or having to go into my lender’s offices and sign paper documents.”
Hendley said the automated processes used by eLynx uSign enabled the bank to reduce the amount of time spent processing loan by several hours and reduced the costs of shipping the documents to less than ten percent of what it would cost to use traditional mail or delivery services.
“eLynx uSign simplified the loan approval process for both the borrower and for us,” Hendley said. “Goyal was able to review and approve his documents more efficiently using eLynx’ secure Web server, and his very positive experience reflects well on our own ability to provide superior service to our customers.”
“Ashok Goyal’s use of eLynx uSign demonstrates how lenders can move forward on loans, even when a borrower is out of town or unable to come into the lender’s office to manually sign documents,” said Phil Huff, president of eLynx. “This technology is a tool for lenders interested in a faster, more effective way of getting loan documents approved.”
eLynx uSign is a practical, useful step towards the eventual realization of a real eMortgage as envisioned by leaders in the mortgage lending industry. Being able to reach out to borrowers from across the world and have them review and approve loan documents electronically using a secure server, dramatically extends the reach of even a smaller lender interested in being more competitive.
About Fairfield Mortgage/Guaranty Bank Fairfield Mortgage is a subsidiary of Guaranty Bank, which was founded in 1923 and is based in Brown Deer, Wis. The bank has established a strong presence in Southeastern Wisconsin and currently has more than 50 retail bank branches and three other subsidiary mortgage companies, Shelter Mortgage, GN Mortgage and GB Home Equity. The bank and its subsidiaries have offices nationwide and provide a number of financial services to customers such as retail mortgages, wholesale mortgages and Home Equity loans and lines of credit.
For additional information about Guaranty Bank, refer to the Web site at www.guarantybanking.com.