With the introduction of the Consumer Financial Protection Bureau's new integrated disclosures going into effect this August, plus the significant advancements in e-document, e-signature, e-delivery and e-vaulting solutions in recent years, it would appear that the mortgage banking industry is poised to see significant adoption of e-mortgage technology in 2015.
As such, Ellie Mae, a provider of mortgage origination software, is working with the Electronic Signature And Records Association (ESRA) to promote adoption of e-signatures in the mortgage industry.
The company announced this week that it has joined ESRA, which was founded in 2006 to educate businesses and the public about the legal, public policy, regulatory and operational issues involved with using electronic signatures and records.
‘Digital signatures and electronic closings are a vital part of Ellie Mae's mission to bring efficiency, loan quality and compliance to the mortgage industry,’ says Joe Tyrrell, senior vice president of corporate strategy for Ellie Mae, in a release. ‘By collaborating with ESRA and drawing on their expertise – as well as sharing our own experiences – we will all move much closer toward industry-wide acceptance of electronic signatures.’
‘Ellie Mae is committed to providing seamless e-disclosures and e-closings as part of Encompass' end-to-end automation capabilities,’ adds Harry Gardner, vice president of e-strategies for Ellie Mae. ‘Electronic mortgages provide an advanced framework for addressing the requirements of RESPA-TILA, and can increase efficiency and data quality throughout the loan process. We look forward to working with ESRA to help the industry reach the tipping point of mainstream e-mortgage adoption.’
As an ESRA member, Ellie Mae will have the opportunity to become involved in various public policy initiatives and promote the organization's efforts and leadership by participating in ESRA-hosted events throughout the year.
‘We are pleased to have a company of Ellie Mae's stature join our organization,’ says Steve Bisbee, membership chair for ESRA and CEO of eOriginal. ‘We believe that Ellie Mae's extensive customer base will be instrumental in propelling e-mortgage growth from within the mortgage industry, at long last.’