DocuSign has announced plans to offer Rooms for Mortgage, which provides a single digital destination for the parties involved in buying and selling, for general availability in spring of 2019.
The company said the product will enter closed beta testing later in October. The testing with a handful of key customers is expected to last up to six months.
Georg Gerstenfeld, the general manager of global real estate solutions at DocuSign, said he believes Rooms for Mortgage 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," Gerstenfeld said. "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 the product, DocuSign offers a digital environment for the borrower, lender, and settlement agent. The environment leverages DocuSign's suite of digital closing tools, including eSignature, eNotary, eNote, and eVault.
Rooms for Mortgage also facilitates several variants of the digital closing experience depending on what is legally permissible in each state and how digitally-advanced each party is. Options include Slim Closing, which is a hybrid option that allows lenders to reduce the paperwork involved in closing by 70%, and Full Digital Closing, which delivers an entirely electronic mortgage.