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.