Introducing Loan Modifications

The real estate industry is currently facing challenges due to record-high purchase prices and interest rates at a 22-year high. In the third quarter of 2023, there were 125,000 foreclosure filings—the most since the end of the pandemic-related moratorium on foreclosures. For borrowers struggling with their current loan terms, loan modifications offer a potential path to relief. In March, the FHA introduced a 40-year loan modification to help borrowers stay in their homes by lowering monthly payments.

Proof has now added borrower loan modifications to its platform. This new transaction type expands the online closing options available and provides a single platform to support the evolving needs of the real estate industry. With online closings, real estate customers can now complete loan modifications more easily and efficiently, supporting clients who may be in urgent need.

When creating a transaction within the Proof platform, real estate users will now see a “Loan modification (borrower)” option. These transactions can also be configured through the Proof API.

As with other closing types, loan modifications are processed through Proof’s Eligibility Engine, which determines if the property is eligible for an online closing. The Eligibility Engine bases its decision on the county’s acceptance of eRecorded documents and relevant state laws, including those related to “papering out.”

The loan modification transaction type is one of several new features on the Proof platform. Additional updates include:

Introducing Multi-Signer EasyLinks

EasyLinks are a no-code solution that allows businesses to collect documents without manually sending each transaction or building an integration. One Fortune 100 customer reported reducing the number of people involved in the document process from eight to one by using EasyLinks.

EasyLinks now support up to 10 signers on a single transaction. With new signer minimums and maximums, businesses have greater flexibility, allowing different signer counts to sign documents through the same EasyLink. For example, a transaction with a minimum of one signer and a maximum of two may prompt the first signer to indicate if there are additional signers. If exactly two signers are required, the first signer will be prompted to invite a second signer. Multiple signers can also complete the same transaction from a shared device, eliminating the need for multiple devices.

For more information about EasyLinks and how they can improve document workflows, visit support.proof.com.

New Tools to Manage Your Team

On December 4, the User tab will be updated with new query tools to improve usability and functionality. These updates make it easier for account Owners or Admins to manage large teams. Users can now search and filter team members by name, email, status, role, or notary capacity. Admins and Owners can invite team members using a new “Invite new” button at the top of the dashboard.

This release does not affect roles and permissions. Only Owners and Admins can invite, deactivate, and update users and their information. Team members can only view other users in their organization.

Subscribe to our newsletter

Sign up to receive updates and news from Proof.