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Half of Australia’s mortgage brokers will be using a new electronic signature tool by the end of 2014, according to its distributor.
RP Data announced yesterday it had signed an exclusive agreement to distribute DocuSign technology to mortgage and real estate professionals in Australia and New Zealand.
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Chief executive Graham Mirabito said RP Data had begun discussions with mortgage brokers. None have yet signed, but there has been great interest, he said.
“We’ve got a view that by the end of this year, 50 per cent of all mortgage applications should be done this way,” he told The Adviser.
Mr Mirabito said DocuSign would make the document lodging process faster and more accurate.
The technology allows documents to be lodged and signed over the internet. Documents can’t be submitted unless all the required fields have been filled in. Brokers can also monitor which clauses their customers have signed and when, he said.
Mr Mirabito added that another benefit of DocuSign technology was that it could be used by real estate agents and conveyancers.
“This will allow us to extend the link between real estate agents and the mortgage industry,” he said.
Mr Mirabito told The Adviser that a global standard for electronic signatures seems to be emerging, adding that one reason RP Data chose to partner with DocuSign was because the company operates in more than 180 countries.
