We realize that many businesses are just exploring the idea of adding electronic signatures into their business processes. We also realize that many businesses have already considered utilizing electronic signatures as an option and still have a few unanswered questions. To address these questions, we created this guide “Electronic Signatures: Why Your Company Should Move to a Paperless Process,” to provide a deeper look into electronic signatures and how eOriginal can help your company to grow. It will provide you with a detailed walk-through of the advantages and benefits your business will see by implementing an electronic paperless process. As you read through please let us know if you have any questions leave a comment or contact us; we’ll be more than happy to help out.
The FHA is experiencing unprecedented growth increasing their market share from 3% to 35% in a relatively short period of time. This growth has prompted the FHA to seek efficiency enabling them to be more competitive and responsive to the industry’s trends. Realizing the benefits associated with a paperless process, the FHA is working to establish guidelines and procedures for the use of electronic signatures and records for the FHA insurance case binders.
What does this mean for the mortgage industry? Margo Tank, Partner at Buckley Sandler LLP and counsel to the Electronic Signature and Records Association (ESRA), believes that FHA’s decision to embrace technology is significant for the agency and for the mortgage industry for a number of reasons:
Forward Thinking. The FHA’s thought-leadership in developing a set of guidelines designed to expedite the use of electronic records and signatures will establish the FHA as an innovative leader in the mortgage industry.
Accelerate Electronic Adoption. Many lenders are ready to embrace the use of electronic signatures and records but have been slow or reluctant to do so due to a lack of regulatory guidance and acceptance. Agency guidance will with out a doubt drive the use and acceptance of electronic signatures and records by the numerous entities that are part of the mortgage loan process.
Flexibility and Improved Customer Service. Through the incorporation of electronic signatures and the acceptance of electronic records, the FHA can be responsive to market demands and the need for change in the industry to stay competitive. Greater efficiency and reduced processing costs will enable the FHA to better serve its clients.
Enhanced Data Security. Electronic signature processing and records management will make sensitive customer information more secure. In today’s world, clients want the assurance that their information is protected.
In developing these guidelines, FHA understands the benefits of increased efficiency. Their goal is to move to a entirely paperless process, allowing them to fully realize the many benefits of technology, including transparency and reduced costs.
I am always on the look out for new technologies, applications, or tools that help to make life a little easier. As a software company we really appreciate the effort and thought that goes into creating a new application, a widget or just updating existing tools. So, when social media mogul Chris Brogan featured Dunkin Run, a cool iPhone app, created by Dunkin Donuts, I got to thinking about similar tools we provide that are simple, useful, and helpful to our customers.
In addition to designing our electronic signature solutions to be some of the most user-friendly and easy to implement tools in our industry, we have another tool we often use but rarely highlight… the eOriginal ROI Analysis Calculator. eOriginal’s ROI Calculator simply factors in the most common variables associated with physically managing, shipping, scanning and storing paper documents while providing you with an estimate of the cost savings your company can expect to receive through implementing an electronic signature solution.
It is simple in design so the entire process is straightforward and only takes a few minutes to complete. It is easy to use; all we have to do is plug in the numbers relative to your specific company and business practices. Finally, it is helpful in providing a more insightful picture of the benefits associated with implementing electronic signatures and instrumental in building and supporting your argument for the transition to a paperless environment. For more information or a customized analysis, please contact me by email spalubinsky@eoriginal.com.
On May 14th at 1:30PM, Bryan will moderate a session titled: “Adding Business Value with Customer Focused Initiatives”. The panelist will include Andrew Cotter of Somerset Capital and Bill Brice of Alpha Trust. Join us for an efficiency and customer focused panel to learn how leading lessors and financial institutions have implemented various tools to increase their efficiencies, effectiveness and responsiveness. Topics will include customer web portals, paperless initiatives and much more. The high level perspective will include both an operations and technology focus.
Please stop in, ask questions and take the time to meet Bryan. He will be more than happy to talk with you about improving your organization’s efficiency through electronic signatures.
Within the electronic signature solutions industry, there is a great focus on the core benefits of implementing electronic signatures, including reducing costs, closing deals quicker, or eliminating signing errors. The common thread in all of these benefits is the greatest attribute associated with introducing electronic signatures into your current business processes…the ability to go paperless.
Eliminating paper from your business process instantaneously allows your organization to make an immediate, positive impact on the environment. By managing your documents online you can eliminate your company’s dependency on printing, shipping and physically storing your signed documents while reducing paper waste, air pollution, and deforestation. As an added bonus to the tremendous environmental impact, your company will also save money in many ways:
·Unnecessary printing wastes paper. Imagine the amount of money your company can save in printing supplies alone;
·Shipping your documents is also a major contributor to pollution. CO2 emissions released by trucks, planes, and vans used to transport your documents will be greatly reduced by allowing your clients to go online to sign your documents; and
·Physically storing your documents costs your company money and resources. By digitally storing your documents your company can save money on everything from storage space to filing cabinets.
We understand that transferring to a completely paperless office does take effort on everyone’s part and the environment benefits associated with eliminating or reducing your paper usage are obvious.What is often less obvious is the money your company can and will save. Whether you want to help sustain our environment or sustain your business going paperless can help you accomplish both challenges.
We here at eOriginal would like to welcome everyone to our newly created blog, ever so cleverly titled eOriginal blog. Creating this blog is just one of the many new developments taking place at eOriginal. Since we are constantly updating and improving our product features and functionality, we thought what better way would there be than to create a blog to keep everyone up to date on what’s going on inside the Warehouse at Camden Yards (eOriginal’s HQ).
Our aim with this our blog is to not only inform our readers but to also educate individuals and companies on how to get the most out of their electronic signature solution. We want to provide our readers with the best tips, tools and advice so they can maximize their ROI, increase profits, and do so by leveraging their electronic signature software by the most efficient means possible.
We have great people here with an abundance of experience, whose backgrounds range across all spectrums of business, technical, and legal affairs. Each member of our team will bring something a little different to the table sharing their expertise so our readers will have the best resources at hand.
Also, we are very open to suggestions and comments so if there is anything you would like us to comment or write about please let us know and we’ll be happy to share our thoughts.
Social media has no doubt played a more than important role in how everyone obtains and distributes information. Breaking news is often posted online before most news organizations have time to put together a story and distribute it to the public. But more importantly social media has changed the way we stay in touch and interact with people around the globe. We can now build and maintain meaningful personal relationships with just about anyone, anywhere. From a business standpoint, customers now have a direct line to the companies and organizations they depend on to provide quality services and products.
Recognizing these changes we want to be a part of this new media world, so we are happy to announce our presence in the social media space. You can now follow eOriginal on Twitter @eOriginal and Facebook (just search for eOriginal) for up to the minute updates on what’s happening at eOriginal. We hope to build some great relationships and start up a few great conversations so please don’t hesitate to follow us and ask questions. Your questions, comments, and feedback will only help us to re-think our internal processes and deliver the most complete electronic signature solution customized to fit the needs of our clients.
We would like to announce our eSign TV video series. The video below is the first in a series designed to easily and quickly give visitors an overview of our products, services, and cost saving abilities.
Be on the lookout for additional videos and please let us know if there is a specific subject you would like us to cover.
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