66%increase in efficiency of signing process
30%increase in borrowers sending back signed packets
Reducetime to order appraisals
Founded in 1986, Sierra Pacific Mortgage has grown to become one of the top ten largest privately held mortgage lenders in the country. Today, Sierra Pacific has more than 1,000 employees serving customers in retail, wholesale and other industries across the United States. Over the years, the company has built its business on efficiently serving its customers and committing to making their borrowing experience convenient. Implementing modern technology plays an important role in fostering this experience, especially when it comes to document processing.
Mortgage approval is a lengthy, cumbersome process that requires many signatures. As part of the process, a borrower’s signature gives Sierra Pacific the green light to determine whether a borrower qualifies for a loan. However, when relying on traditional mail, in accordance with federal government regulations, mortgage lenders had to wait a period of three days before they could assume a borrower had read and received their initial disclosure document to order an appraisal. But an electronic signature tool could expedite this significantly—rather than taking three days, signatures would be obtained instantly. With that goal, Sierra Pacific began its search for an electronic signature provider.
DocuSign eSignature delivered the simplicity that other providers couldn’t
The first electronic signature provider Sierra Pacific experimented with did little to transform its signature process—in fact, it added more complexity by introducing a 38-step workflow for securing customer approvals. The workflow was so problematic that the company’s IT department would routinely receive complaints from disgruntled employees and customers over their system. Sierra Pacific wanted a more intuitive system with fewer steps that would easily integrate into its portal platform. They needed a solution that would help lending officers be more efficient in delivering a better experience for customers.
When Sierra Pacific switched to DocuSign, the improvement happened instantly. The lender integrated DocuSign’s eSignature software into its existing technology systems and, thanks to the DocuSign API and Box integration, the transition was simple and painless.
With DocuSign eSignature, Sierra Pacific saw an immediate and dramatic reduction in the length of its signing process. What once took 38 tedious steps was reduced to just 12, providing a 66% increase in efficiency. Plus, DocuSign eSignature enabled borrowers to sign from any location and any device, guiding them through the process to ensure that customers never miss a signature, initial or field where information is required. The number of borrowers sending back signing packets leaped from 40% to 70% shortly after the implementation of DocuSign eSignature, and continues to rise.
A modern approval process means happier customers and employees
With DocuSign eSignature, it’s not just borrowers that are happier—loan officers are more satisfied as well. “No news from loan officers is typically good news,” Senior Business Analyst/Project Manager Karen Rusk said.
Once waist-deep in complaint emails, Sierra Pacific’s IT department no longer deals with frustrated users. In fact, they’ve received praise for their speedier, customer-friendly process.
Not only does a modernized approval process create a less stressful work environment for Sierra Pacific employees, but it also means borrowers can move into their new homes faster. The result? Satisfied and loyal customers for life.
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