12 May Wells Fargo Embraces Innovation with Acceptance of E-Signature
Wells Fargo Funding has embraced the idea that with big business prospects comes big innovation as the mortgage giant has recently approved a wider acceptance of e-signatures on most mortgage-related documents. As business dealings expand with advancements being made in technology nearly every day, e-signature has become an ever-important tool for large companies dealing with parties all over the country and, sometimes, the globe.
This announcement has followed suit with the Federal Housing Administration’s decision in January that it would accept lender-generated loan documents electronically. This congruous move by two giants in mortgage lending is indicative of the strong momentum of electronic signature acceptance among financial service providers in facilitating the transaction process.
Wells Fargo has partnered with DocuSign, Inc., a leader in Digital Transaction Management, in order to create a seamless digital workflow that will allow the processing of paperwork in real estate transactions to work easier, faster, more convenient and secure. This move also represents a step in the paperless direction that many companies are striving for these days. The workflow will help to minimize paperwork as well as the errors on paperwork as the system will be able to set up a series of checks for each process of the transaction.
A Partnership of Two Leaders in their Industries
Being one of the nation’s leading mortgage investors, it was imperative that Wells Fargo sought out a Digital Transaction Management company that could deliver the utmost in service and security. DocuSign sets the global standard for DTM, and has worked to create a platform that not only meets security and compliance requirements, but exceeds it.
Wells Fargo outlined the process for its requirement in its most recent update to its Seller Guide. The guide ensures that DocuSign enables users to access all documents generated and signed prior to closing, and makes them eligible for execution with electronic signature. One exception to this is when Agency and/or Federal law prohibits the use of e-delivery or e-signatures.
In terms of audits and checks and balances by regulation agencies, new requirements have been factored in to the process to ensure that all transactions can be tracked and monitored for compliance at all levels of government and agency regulation.
“We are delighted that Wells Fargo Funding, one of the world’s most influential financial institutions, is taking strong, positive steps on behalf of its vast ecosystem of brokers to accelerate transactions and keep business digital,” said Ken Moyle, chief legal officer of DocuSign. “The rapid adoption of DocuSign by the real estate industry reflects the confidence and improved customer experience our solution provides for executing mortgage transactions. We believe it’s inevitable that financial institutions will follow the lead of visionary organizations like Wells Fargo Funding and adopt electronic signature for every transaction that formerly required a pen and paper signature.”