Mortgage Banking Systems (MBS), a mortgage closing software and technology company, is providing solutions to lenders with its ProClose: Dynamic Signature Technology (DST). It has been reported that until now, signature lines on mortgage closing documents have been fixed or static. The limitations were painful when signature requirements exceeded the space available, as in a Trust or Power of Attorney.
With DST, MBS has claimed that ProClose signature lines are now dynamic, so the format expands and contracts based on the loan data. The overall appearance of the document does not change while it protects the interests of both borrower and lender. It has added that the new dynamic signature lines also allow multiple non-applicants.
Christine Kirby, CEO of MBS, commented: These days more loans have multiple non-applicants and there is an increase in borrowers electing to purchase property in the name of a Trust for estate planning purposes. Work-a-rounds and abbreviations waste time and money, and worse, create vulnerability to both the lender and the borrower. Our current climate demands clarity and precision. It is imperative to protect our clients and develop our product to the needs of today’s marketplace. Our closing software, ProClose, makes closing a compliant loan as easy as possible, no matter what type of loan and what borrower scenario.
Headquartered in McLean, Virginia, Mortgage Banking Systems offers closing document software for mortgage companies across the US.
