DocuSign delivers on Digital Closing vision with Rooms for Mortgage offering
WASHINGTON, Oct. 15, 2018 /PRNewswire/ -- As part of its goal to make the home buying process digital from end to end, DocuSign today announced that its latest solution—DocuSign Rooms for Mortgage—will enter beta testing ahead of its general availability in the spring of next year. DocuSign Rooms for Mortgage is a secure, collaborative, compliant solution for lenders to support their residential lending process.
The company, which offers the world's #1 e-signature solution as part of its broader System of Agreement Platform, shared the news at the annual Mortgage Bankers Association (MBA) conference and expo in Washington D.C. And it marks what Georg Gerstenfeld, the general manager of global real estate solutions at DocuSign, believes is the final step in taking the mortgage process digital.
"For years, we've seen widespread adoption of e-signatures across the home buying process—the ease of use, simplicity and time-savings can transform the experience for all parties, and that has led to more than 2.5 million real estate transactions being DocuSigned each year," said Gerstenfeld. "We've seen great success with DocuSign Rooms for Real Estate and wanted to expand this experience into our mortgage offering. DocuSign Rooms for Mortgage provides a single digital destination for the parties involved in buying and selling to come together, process and finalize the transaction."
With more than 50 million homes in the US having a mortgage—and with the industry employing over a million people—DocuSign built a solution specifically to address the need for a better closing experience. Rooms for Mortgage will bring efficiencies to the process, enhance communication across all contributors, and support compliant transactions.
"As a partner to 13 of the top 15 US financial services companies, we work hard to stay connected with our customers and share their vision for bringing a digital closing option to mortgage. Rooms for Mortgage not only offers this to DocuSign customers, but also helps complete the home buyer's experience. This means, from the borrower's first interaction with a potential lender all the way through to the settlement agent recording the deeds with the county, the process can be digital and compliant," added Gerstenfeld.
DocuSign Rooms for Mortgage delivers a digital environment for the borrower, lender and settlement agent, and leverages DocuSign's broader suite of solutions for Digital Closing—including eSignature, eNotary, eNote, and eVault. It also facilitates several variants of the digital closing experience, depending on the what is legally-permissible in each state, and how digitally-advanced each party is:
- Slim Closing: A flexible, hybrid option that allows lenders to reduce the paperwork involved in closing by 70%. This solution combines eSignature and eNotarization, along with DocuSign connectors to leading mortgage systems. This option from DocuSign is used on a national scale at Guild Mortgage and Caliber Home Loans and will be made more powerful with Rooms for Mortgage.
- Full Digital Closing: DocuSign's Full Digital Closing solution delivers an entirely electronic mortgage, approved by Freddie Mac and Fannie Mae, leveraging the components of Slim Closing along with an eNote that is stored in an eVault.
Guild Mortgage, a top-10 lender by purchase loan volume and ranked #1 "Highest Customer Satisfaction with Primary Mortgage Originations" by J.D. Power, is already partnering with DocuSign to deliver Slim Closing at scale. Lisa Klika, senior vice president and chief compliance officer at Guild, pioneered this implementation, stating "Our eClose option combines DocuSign's trusted, user-friendly e-signature technology that is already widely used in the industry with the personal touch Guild is known for in order to offer our customers a better lending experience," said Klika. "The Rooms for Mortgage launch marks an exciting time in our industry as we take another step closer to realizing a digital future."
DocuSign Rooms for Mortgage will enter closed beta testing with a handful of key customers later this month. The beta is expected to last up to six months, after which all learnings will be integrated and the final Docusign Rooms for Mortgage will hit general availability in spring next year.
For more information on DocuSign's strategy and solutions for real estate, please visit https://www.docusign.com/industries/real-estate
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VP Investor Relations
About DocuSign, Inc.
DocuSign helps organizations connect and automate how they prepare, sign, act-on, and manage agreements. As part of its cloud-based System of Agreement Platform, DocuSign offers eSignature—the world's #1 way to sign electronically on practically any device, from almost anywhere, at any time. Today, more than 425,000 customers and hundreds of millions of users in over 180 countries use DocuSign to accelerate the process of doing business and simplify people's lives.
For more information, visit www.docusign.com, call +1-877-720-2040, or follow @DocuSign on Twitter, LinkedIn, Facebook, Instagram and Snapchat.
Copyright 2003-2018. DocuSign, Inc. is the owner of DOCUSIGN® and all of its other marks (www.docusign.com/IP). All other marks appearing herein are the property of their respective owners.
This press release includes forward-looking information related to the Company and DocuSign Rooms for Mortgage that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the Rooms for Mortgage and expected release date, our possible or assumed business strategies, potential growth opportunities, new products and potential market opportunities.
Risks and uncertainties include, among other things, our ability to successfully release Rooms for Mortgage in the anticipated time frame, our ability to attract new customers and maintain and expand our existing customer base; our ability to scale and update our platform to respond to customers' needs and rapid technological change; increased competition on our market and our ability to compete effectively; and expansion of our operations and increased adoption of our platform internationally.
Additional risks and uncertainties that could affect our financial results are included in the section titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our prospectus dated April 26, 2018, our quarterly report on Form 10-Q for the quarter ended July 31, 2018 and other filings that we make from time to time with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. In addition, any forward-looking statements contained in this communication are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
SOURCE DocuSign, Inc.