Keep the process, ditch the paper
trace:original mortgage documents
The process of applying for and completing a house purchase, or remortgage, is long, costly and involves the transmission of huge numbers of documents – between applicants, brokers, lenders, conveyancers, surveyors and more – with the risk of fraud and error at all stages of the journey.
With trace:original you can keep your existing process while making it faster, cheaper and less cumbersome.
trace:original is a plug-and-play solution, which can create all types of documents, in a digital format. It is secure and sustainable by design, verifiable, and machine readable, enabling process automation.
Process overview
This process overview applies to the UK mortgage market. However, trace:original is a solution that can be applied in any jurisdiction.
Valuation report
Valuation reports are sent to the instructing party (usually the lender) by the surveyor. Although these are usually sent electronically to the lender, paper or pdf copies are often sent to the customer and broker. trace:original can manage these digitally, as well as any subsequent correspondence with the surveyor.
This means that you know that the documents are completely secure, and with an audit trail for any amendments.
Only the creator of a trace:original document needs to be a customer of Enigio. Once created, the document can be received and managed by anyone, anywhere. It is a PDF that is both human and machine readable with STP. All that anyone needs is a computer with internet connection.
Mortgage offer
A mortgage offer/ESIS (European Standardised Information Sheet) is sent to all applicants and can run to many pages. These documents are often emailed as a PDF to the applicants, to the broker and to the conveyancer – and are often needed to be verified, updated and amended several times by many parties.
trace:original can manage these documents and their data - securely and efficiently - , and the applicants’ electronic signed acceptance of the offer can also be dealt with by trace:original – completely securely.
Enigio’s trace:original allows you to create, sign and send digital offers and ESIS, with the advantage of being completely secure, and with the possibility to add information and data files onto an already signed document which creates a complete audit trail.
Only the creator of a trace:original document needs to be a customer of Enigio. Once created, the document can be received, verified and managed by anyone, anywhere. It is a PDF that is both human and machine readable. All that is needed is a computer with internet connection.
Mortgage offers are frequently updated and amended. When creating a new version, the old version can be invalidated - but only by the holder!
Certificate of title
The certificate of title is an essential part of the mortgage process, being completed by the conveyancer and sent to the lender. The lender completely relies on its authenticity and accuracy in order to send the completion monies to the conveyancer. Without that the purchase, or remortgage, of the property cannot happen.
The certificate of title is signed by the conveyancer.
By using trace:original to create the certificate of title the process can be completely digital and immutable. The document can provide the possibility to add information onto an already signed document which creates a complete audit trail which also allows the lender to easily see which is the latest version of the document, in case of multiple submissions.
By adopting trace:original you can keep your process and save several days of lead time, while eliminating risk of fraud, and reducing costs and manual steps.
Certificates of title are sometimes updated and amended. When creating a newer version, the old version can be invalidated!
When the lender receives the certificate of title the data can be retrieved in structured format into any lending system as the data is machine readable.
In addition, information can be added to the already signed certificate.
Mortgage deed
The mortgage deed is completed by the lender, sent to the conveyancer, and signed by the borrower(s), and then returned to the conveyancer. The documents are either paper and wet signature or signed PDFs.
With trace:original all parties could move to a complete digital process end-to-end. The completed and signed deed will be both human and machine readable which provides the possibility to extract structured data directly from the signed document. The data will be 100% accurate and not reliant on Optical Character Recognition (OCR).
Safe and secure
Traceability
Contains full audit trail of events within the document – the lender knows that they are dealing with the latest version
Data ownership
no business or personal data shared or stored outside of the trace:original offer/ESIS document.
Transparency
process visibility throughout the transaction cycle.
Protection
only the one in possession has the right to add new content, transfer possession or invalidate, and no-one can manipulate what has been written.
Authenticity
Document authenticity can be verified by anyone at any time.
Evidence
Current or older version of document verifiable via its evidence stored on the block chain (Public Notary)
Accessible and interoperable
trace:original mortgage documents are created as PDF documents and readable by anyone that can read normal PDFs. However, each document also contains structured data in JSON format, that enables any system to parse the document, even without connecting to API:s. This enables an automated process that is both efficient and robust, while retaining the possibility for manual verification.
trace:original mortgage documents can be freely sent in seconds, received, and managed by everyone in the trade process and it can be used within, between or outside of systems and platforms.
Only the issuer of the mortgage documet needs to be a customer of Enigio and after issuance it is free to use forever.
trace:original is agnostic to the type of document and process, it is a generic holder of trustworthy information. So, in addition to continuing with existing processes, it is also possible to use trace:original to improve and automate (STP) processes going forward.
Sustainable
Using trace:original mortgage documents will contribute to fulfilling the following UN sustainable development goals:
Innovation and infrastructure:
- As easy, affordable and interoperable as using paper
Reduce carbon emissions, fresh water and land use by reducing:
- Paper documents/production
- All physical transportation of the documents
Mortgage documents and trace:original – a perfect combination
Accessible and interoperable
Computer and internet only requirement
Digitally interoperable between anyone and any system
Readable by man and machine
Can contain a standard and/or a schema
Enables straight through processing (STP)
Safe and
Secure
Tamper proof and fraud safe
No sharing of business or personal data outside of document
Full audit trail
Cost and time
efficient
Minimal lead times
90% cost reduction
Sustainable
Reduce carbon emissions
Promote digital infrastructure development
Keep the process, ditch the paper.
Get in touch!
Schedule a one-on-one call to see how trace:original can help you achieve a fully digital end-to-end workflow with digital original documents, without any changes to your existing infrastructure.
In the call we will go through your specific needs and suggest a matching solution. We will also go through a live demo of trace:original, creating your first digital original document.
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