All Electronic Loan Process A Step Closer
A technology provider for the mortgage industry announced recently that it will be the first to embed financial grade digital certificates in a loan processing platform for automating the primary and secondary mortgage markets.
One week after President Clinton signed legislation that legalized digital signatures, Integrate Online Inc., which is headed up by former Federal Reserve Board member H. Robert Heller, announced that it had entered an agreement with Digital Signature Trust. The result is a program through which retail and wholesale mortgage originators can offer electronic loan application packages. Through these packages, borrowers can electronically authorize release of loan-related information, sign documents and protect their privacy through use of digital certificates instead of paper documents signed by wet ink.
While the process itself is confusing for all but the most technologically savvy, the result is a system for approving mortgages within hours using the Internet or other electronic commerce channels.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 11, 11/00
First published on 11/01/2000