Signature Mortgage
Executive Summary
Customer
Signature Mortgage, a regional lender servicing the Florida and Ohio Regions
The Goal
Gain a competitive edge in the mortgage business by focusing on the customer experience
The Problem
Over 30 documents need to be signed, creating processing delays, errors and a poor customer experience
The Solution
e-SignLive™ to empower customers to review and sign quickly and easily over the web
The Results
- 90% of loans now completed electronically
- Applications processed in 24 to 48 hrs instead of 7 to 10 days
- Loans closed in less than 20 days instead of 45 to 60 days
- Loan volume increased by 35%
- Shipping costs reduced by 85%
- Increased loan officer morale and confidence
- Reduced shopping around and customer drop-off
The Success Story
When I founded Signature Mortgage in 1996 my vision was to build a great mortgage company, not a big one.
Having worked in the industry for 15 years, I had seen firsthand the poor service being offered by many of the big banks and lenders. Inflexible hours of operation, slow service, and multiple visits to the mortgage office were just some of the problems customers had to contend with when applying for a mortgage.
I vowed to do things differently by focusing on giving customers the best possible service in the Ohio and Florida areas. This philosophy has served us well over the years. Our small 12-person team has closed over $2 billion in residential loans since it was founded in 1996.
The housing meltdown in 2007 was a big challenge for us. To ensure our survival, I knew that Signature Mortgage needed to raise the bar on customer service, and that the Internet was key. Consumers were increasingly using the web to research mortgage products and begin the application process. But they couldn’t complete their application over the web because of all of the documents that needed to be signed (32 and growing!).
As a small regional operation, we did not have the budget or IT resources to build, purchase or support the types of electronic signature solutions that larger national competitors were investing in. We turned to Silanis Technology for help when we heard they were bringing electronic signatures to the cloud as an online service. Because there was no hardware or software to purchase, integrate or deploy, we were up and running within 48 hours. And now our customers can review and sign all of the mortgage documents online, from anywhere, at anytime.
We’ve increased our loan volume by 35%, and we earn more per loan because we save on time-consuming paper processing, and travel and courier costs. And our customers think it’s great. Fully servicing customers over the web is no longer a luxury, it’s a necessity.
by
Bob Catlin, CEO and Founder of Signature Mortgage
What Signature Mortgage customers are saying:
“My husband and I usually work with our local bank for financing and refinancing our home loan. Signature Mortgage offered us better terms and conditions, but most of all we were sold on their e-sign capabilities. We have careers and kids and we just couldn’t find the time to go to the local bank branch between 9am-5pm. This was the fastest and smoothest process we have experienced.”
John and Kathy Mitchell
Cincinnati, OH
“I was intrigued by Signature Mortgage’s e-sign technology and was a little skeptical in the beginning. Wow! Now this is how applying for a home loan should be! Easy, fast and hassle free. Our loan was closed in 18 days. Thanks for everything.”
Mark Bishop
Cleveland, OH
“I was very impressed with your e-sign capabilities, timeliness and organization of the entire process. Great job! I will definitely recommend you to my friends and family. Unbelievable technology.”
Steve Temple
Liberty Twp, OH
