Mortgage Lender’s Use of E-Signatures Speeds up Loan Application Process to 24 Hours
(MONTREAL, QC and ROCHESTER, MI) – October 22, 2014 – Silanis Technology’s e-SignLive™, the e-signature choice for business, was selected by Michigan mortgage specialists Somerset Lending Corp to streamline its mortgage loan application process. In the few months since standardizing on e-SignLive, Somerset has seen its new business application completion time reduce from 2-4 days to 24 hours and its revenue increase 30 percent.
Prior to rolling out e-SignLive, Somerset’s manual paper-based process included the handling and mailing of 50-60 page applications, resulting in additional days for customers to receive, review and fill out the forms. And with customers located across the state, paper document handling, couriering and storing made for an inconvenient way of doing business. By taking the new process completely digital, Somerset is now able to close business faster while offering customers the convenience of being able to e-sign from anywhere, on any device. This has increased the company’s ability to compete with some of the nation’s largest mortgage lenders and brought in new business as a result.
“E-signatures have revolutionized our business – we’re offering the technology that customers are excited to use and a digital experience that streamlines the mortgage application for everyone involved,” said Somerset Lending President Brad Saarela. “With e-SignLive, we immediately saw results for our customers and business and look forward to further success with Silanis as our partner.”
With new regulations allowing e-signatures for government and Federal Housing Administration (FHA) loans, the acceptance of e-signatures continues to dramatically increase. According to Gartner, e-signature adoption has grown 48 percent in the last 18 months, which corresponds with the on-the-rise trend of tech-savvy buyers who are seeking an efficient process in purchasing a new home or refinancing a loan. In fact, Somerset reports that 90 percent of its customers use e-signatures via iPads when completing their applications, often signing in the convenience of their own homes.
“As more mortgages and refinances move online for increased convenience and speed, e-signatures are the ideal solution to bring that digital experience into a customer’s home and make it personal,” said Silanis CEO and co-founder Tommy Petrogiannis. “In a competitive market, companies like Somerset need to leverage technology like e-signatures to meet market demand and create the kind of customer satisfaction that brings repeat business.”
About Somerset Lending
Somerset Lending is a residential mortgage lender based in Rochester, MI. Somerset prides itself on customer service, and expertise that goes above and beyond the big box bank advice often given. Flexibility and speed are the name of the game when it comes to residential mortgage lending, e-sign has become a major component to staying ahead of the curve. Somerset Lending now has a sister company, Andrews Realty Group, LLC. These two businesses look to streamline the home buying process, by working closely together, for the same common goal.
About Silanis Technology
Businesses of all sizes choose Silanis Technology when electronic signatures matter. With more than 600 million documents processed every year, e-SignLive™ is the most widely used e-signature solution around the world. Thousands of organizations, big and small, including the leading banks, insurers, credit providers, pharmaceutical and government agencies trust e-SignLive as their platform to make business digital. On premise or in the cloud, e-SignLive delivers the best customer experience while improving legal and regulatory compliance. Learn more: www.silanis.com, Twitter, LinkedIn, Facebook and Google+.