Mortgage 1, a Michigan-based mortgage lender, has launched a new application to assist homebuyers electronically sign (eSign) mortgage-closing documents. The application, called Fast Pass, speeds up the closing progress and promotes safety during the COVID-19 pandemic.
“Fast Pass enables Mortgage 1 to offer unbeatable safety and convenience by keeping physical closing appointments to a minimum and making loan closings available in the same branded app our customers use to search for a home, fill out a loan application, upload documents and sign disclosures,” Mortgage 1 CEO Mark Workens said in a release. “With Fast Pass, we are closing loans faster and knocking the socks off of customers.”
With FastPass, closing appointments are shorter and social distancing guidelines are more easily followed, the company said. Borrowers are able to eSign a bulk of documents ahead of time in the app before meeting to wet sign the few documents that need in-person notarization.
In addition, FastPass is compatible with the company’s Pro SNAP application that lets borrowers calculate payments, scan and upload documents from their phone, monitor their progress, and communicate with their loan officer.
“Borrowers want a hassle-free way to close a home loan that works in or out of quarantine, and lenders want to keep costs in check by closing loans as quickly as possible,” Workens said. “Fast Pass and Pro SNAP work together to make that happen.”