Visio Lending Streamlines Loan Funding with DocuSign Rooms for Mortgage
Visio Lending is the nation's leader in rental loans, working with buy and hold investors to offer flexible long-term loans for single-family homes and vacation properties. The company’s mission is to deliver the fastest, simplest and most dependable mortgage financing that enables investors to grow their commercial real estate portfolios, improve cash flow and build wealth.
Like other lenders, Visio grappled with slow, paper-based processes leading up to closing. Signed loan documents had to be mailed so that Visio’s team could perform quality control analysis and check for signature errors. Completing this process is a race against the clock not only for customer satisfaction in funding loans in a timely manner, but to meet legal obligations as well.
Visio recognized that it had to improve its customer experience by significantly reducing the time it took to release funds. Visio implemented DocuSign Rooms for Mortgage and the team accelerated closing times and improved the borrower experience with a secure, digital workspace for everyone involved.
Eliminating signature bottlenecks
Visio took a measured approach to Rooms for Mortgage implementation, rolling it out in a limited way while evaluating its effectiveness. Once implemented, Rooms immediately delivered a massive impact, accelerating time to fund and transforming the customer experience. Today, though there are still paper-based signature elements involved—some documents still have to be signed with ink and notarized per industry regulations—most are now digital and are completed much quicker.
“We were concerned about the amount of time it took to fund, which was tied to how long we were spending QCing documents. Those were the problems that we were solving with Rooms for Mortgage,” David Seholm, director of software development and IT at Visio, explained.
“The first loan we funded using Rooms for Mortgage, we funded inside of an hour. We blew any expectations out of the water,” he said.
Though the COVID-19 pandemic has accelerated the push toward a more digitally enabled closing process, it was a long time coming, according to Seholm. “Companies were supposed to have started accepting e-signatures about 15 years ago, per the federal government. DocuSign is uniquely positioned to put pressure on stalwart companies that are refusing to accept digital signatures. As that pressure is exerted, it’s going to become the industry standard,” Seholm said. As customer expectations evolve, Visio is ready to serve them.
For more information on how Visio is using Rooms for Mortgage, and what it can do for you, explore Visio’s DocuSign success story here.