Signing service cuts turnaround times by half

Signing service cuts turnaround times by half

Signing service cuts turnaround times by half

Mortgage Alliance and law firm Anderson Sinclair recently rolled out a real estate closing package which they hope will cut by nearly 50 per cent the amount of time it takes to transact a mortgage application.

“It typically takes about a week to close a mortgage transaction,” said Sabha Hazai, lawyer for Anderson Sinclair. “We can shorten that time to around three days using the new system we’ve put in place.”

Essentially, she said, the law firm is providing MAC brokers with a designated signing service that will eliminate the need for borrowers to go back and forth to the lawyers.  Signing agents working with Anderson Sinclair will bring the mortgage documents to a client’s office or home, Hazai said.

Also part of the system is a new Web portal that enables lawyers, brokers and borrowers to track the progress of a mortgage transaction, or submit documents and electronically sign off on documents.

This will allow clients to monitor transactions and submit documents from anywhere and during after-business hours further shortening turnaround times, said Michael Beckette, CEO of MAC.

“These initiatives have two primary benefits,” he said. “It allows our brokers to provide customers with a unique service experience and save them time and money when they need it the most.”

Other firms may offer designated signing services and use client-accessible Web portals as well, said Hazai, but Anderson Sinclair has dedicated a special team to handle the deals with MAC.

The firm has assigned a lawyer each to handle new home sales, resale purchases and refinances. They are backed up by eight law clerks and other support staff members, according to Anderson Sinclair.

9 Comments
  • @kiltedbroker 2012-11-11 6:39:51 AM
    That sounds like real innovation - well done MAC - anything we can do to make the process less intimidating for our clients!
    Post a reply
  • Nick Bachusky 2012-11-13 12:48:22 AM
    This looks like a great idea to save time for clients for sure but I see some flaws with a system like this but if a firm can afford to have the lawyer on the road and going to clients' homes 24/7 rather than working at the office, then perhaps it could be worthwhile - hopefully it is a lawyer going to each home and not one of the clerks. Some of the flaws coule be contact with lawyer, increased risk of fraud, identification of clients, and travel time/time out of office are the major difficulties at first glance.
    Post a reply
  • Ontario Broker 2012-11-13 4:42:52 AM
    The article says they use "signing agents", not lawyers, to visit home/office. Speed is great if the job is well done, but are borrowers getting the whole story from an appropriately educated individual? Are these "signing agents" explaining the legal ramifications of a collateral mortgage? Do they have a fiduciary duty to the borrower or do they work for the lender or broker? Would you go to a surgeon because he can shave an hour off of the surgery & save you a couple hundred dollars?
    If you want things done well, so that everyone is aware of most of the ramifications of a transction, it takes time.
    This smells more like a recruiting tool for agents who are so hard up for money they need to be paid quickly....and those are the kind we don't need because it leads to other issues of credibility.
    Post a reply