""Fiserv, Inc."":http://www.fiserv.com, a Brookfield, Wisconsin-based provider of financial services technology solutions, announced on Thursday that ""BB&T Corporation"":http://www.BBT.com, has chosen the company's Secure Lending solution to electronically deliver disclosures and other pre-closing documents, with an electronic signature option, to borrowers.
Using the Fiserv solution will enable Winston-Salem, North Carolina-based BB&T, the nation's 11th largest financial holding company with $152 billion in assets, to easily manage workflow with compliance best practices, Fiserv said. The technology will allow the bank to track and retain all versions of Real Estate Settlement Procedures Act (RESPA) 3-day disclosures and other pre-closing documents sent to borrowers. In addition, BB&T will be able to improve turn-around times by delivering the documents immediately to their clients and allowing them to instantly execute the documents using electronic signatures.
Matt White, BB&T's SVP and mortgage technology manager, said, ""Implementing [Fiserv's] Secure Lending is part of our overall paper-free lending strategy. In addition to lessening our environmental impact by replacing paper-based methods with electronic procedures, we expect to see cost savings and increased customer satisfaction from borrowers using this quick and convenient process.""
The Secure Lending solution electronically streamlines and manages the sharing of upfront loan disclosures with borrowers. BB&T can seamlessly send the documents from their loan origination system to the secure eLending website, where borrowers view, electronically sign, print, or download them.
BB&T will soon have the ability to receive the electronically signed documents, and any unsigned versions, directly back into their loan origination system, where they are then transferred into BB&T’s internal document repository. The electronically signed originals can also be stored in the Fiserv platform eVault. Additionally, with the Secure Lending platform’s new expanded reporting, BB&T is able to see full details and status of documents that have been electronically distributed through the platform, at a loan pipeline level.
The initial disclosures workflow is one of four workflows available in the eLending platform, which also includes workflow for electronically delivering and signing closing documents; workflow for managing electronically signed documents in eVault, including compatibility with MERS eDelivery and eRegistry; and workflow for electronically delivering and signing servicing papers such as default mitigation documents.
Kevin Collins, president of originations and automotive solutions at Fiserv, commented, ""In today’s difficult lending market, many financial institutions are looking for cost-effective ways to differentiate themselves. eMortgage processes provide real value, including reduced costs and improved customer service throughout the lending process, as well as making a positive impact on our environment.""
Collins said, ""The movement to replace paper documents with electronic documents and ink signatures with electronic signatures is well underway in the mortgage industry, and will only continue to increase in the future.""