It goes without saying that the mortgage and escrow industry has been trapped by heaps of paperwork for many years. Consequently, the loan origination process is often delayed and bureaucratic, resulting in missed opportunities and frustrated customers. 

In the ever-changing landscape of banking & finance, more technologically advanced solutions are gradually replacing traditional loan origination procedures. The use of electronic signatures or “eSignatures” platforms is one such advanced technology that is transforming this procedure. Adopting these platforms for remote digital signatures has made loan origination faster and more secure, propelling this industry to a new era of digital lending.

6 Ways to Secure Your Mortgage and Escrow Documents

The signing process in obtaining a mortgage and managing escrow documents can be overwhelming and time-consuming. But with secure electronic signature platforms, things have become much easier. So let us walk you through the best practices to secure the signing process of your mortgage and escrow documents, providing you with peace of mind and a smooth transaction.

1. Find a Reliable eSignature Platform

Choosing a reliable eSignature platform is crucial for securing the signing process of your mortgage and escrow documents. Look for reputable platforms that offer advanced security measures such as solid encryption, multi-factor authentication, and data redundancy. Working with a trusted eSignature solution provider ensures the platform follows industry best practices and compliance standards, safeguarding your documents throughout the signing process.

2. Educate Yourself on eSignature Laws

Familiarize yourself with the legalities surrounding eSignatures to ensure compliance and protect your rights as a borrower. Various laws govern electronic signatures, such as the Electronic Signatures in Global and National Commerce Act (ESIGN Act) and the Uniform Electronic Transactions Act (UETA). Understand the provisions and requirements under these acts to ensure that your eSignature holds up in a court of law should any disputes arise.

3. Verify Recipients & Signatories

Before sending sensitive mortgage and escrow documents for signature, verify the identities of all recipients and signatories involved. Establish a secure communication channel and ensure you send documents only to authorized individuals. Request proper identification and use secondary verification methods when necessary to prevent fraudulent activities.

4. Use Secure Documents Sharing Methods

When sharing mortgage and escrow documents during signing, employ secure methods to protect sensitive information. Avoid sending documents via unencrypted email or insecure file-sharing platforms. Instead, use encrypted email services or specific file-sharing platforms that implement robust security measures. These methods protect against unauthorized access and reduce the risk of data breaches.

5. Implement 2FA

To add an extra layer of security to your signing process, choose an esignature platform that has enabled two-factor authentication (2FA) whenever possible. 2FA requires an additional verification step, like entering a temporary code sent to your mobile device or using a biometric identifier, such as a fingerprint or facial recognition. By implementing 2FA, you enhance the security of your documents and ensure that only authorized individuals can access and sign the documents.

6. Regularly Monitor & Audit Activity

To maintain the security of your mortgage and escrow documents, regularly monitor and audit the activity on your eSignature platform. Keep track of who has accessed and signed the papers, and promptly address any suspicious or unauthorized activity. Most eSignature platforms provide audit trails that allow you to monitor every step of the signing process, ensuring accountability and transparency.

Final Thoughts

In this fast-paced digital world, the need for mortgage and escrow processes is paramount. Secure digital signatures have emerged as a game changer, providing speed and security to the users. 

If you are using any esignature platform to sign mortgage and escrow documents, make sure that you keep in mind the above-mentioned tips and implement them when possible. These steps will provide peace of mind, help safeguard sensitive information, and streamline your mortgage and escrow transaction.