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Quicken Loans, based in Livonia, Mich., and Montreal-based Silanis have jointly announced the mortgage industry's "first production rollout of electronic signatures to consumers" - the ApproveIt Web server.
The proprietary Silanis product generates electronic signatures with point-and-click ease, making a green check mark for each disclosure when the borrower clicks the approval button. The product also has a playback feature that tracks and captures a record of the exact time when the borrower clicked to sign off on each disclosure and click for final approval.
The solution went live at the end of September. Between Thursday Sept. 26 and Monday Sept. 30, the first team of 12 Quicken Mortgage loan officers used Silanis's e-sign technology to get signatures on disclosures for some 37 mortgage loan applications. By doing away with FedEx deliveries, fax machines, and frantic lunch hour trips...