eConsent is short-hand term we use to refer to your agreement to accept and sign some documents electronically.
There have always been lots of documents to sign in the mortgage process. Thankfully, the mortgage industry has been embracing the technology of the 21st century, and the increasing security of that technology. Part of that embrace means that many of the documents that used to require your wet signature now can be signed electronically.
The eConsent itself is a simple, few-step process that asks you to confirm that you agree to accept electronic documents at a specific email address, and asks you to establish a password that you will use multiple times to log in to sign the disclosures and documents we send you.
There are documents that still must be signed by hand, including the final loan documents you sign with escrow to close on your purchase or refinance.
We ask you to complete eConsent for two main reasons: convenience and speed. Convenience, so you don’t have to print out and scan documents back to us every time we need something signed. Speed, so that we can close your loan on time. There are multiple documents throughout the loan process that we need you to acknowledge before we can move forward with something, and your ability to sign them electronically speeds things up immensely. eConsent can save us days in the loan process, all of which get us closing your loan faster.