What is the benefit of a paperless settlement?
All parties to a transaction including the Borrower, Lender and Originator benefit from the efficiencies created by the streamlined process of a paperless transaction. The Borrowers experience is improved by reducing the time needed to close and the passage of savings in to lower closing costs. Finally the secure storage of all closing documents allows the Borrower to access copies of the transaction at any time in the future. When a settlement is performed electronically there are three primary areas of increased efficiency. First, all signature errors and missing document errors are eliminated. The software recognizes missing signatures or documents at the settlement table prior to completion of the closing. Second, when paperless documents are signed and submitted electronically they automatically become part of a tamperproof digital package which always remains together in the proper order. Finally, paperless closing documents are immediately transmitted and stored electronically w
