Hana Bank Implements Digitization of Mortgage Documents

[Asia Economy Reporter Kiho Sung] Hana Bank announced on the 3rd that it will implement the 'Mortgage Lien No-Document Management Service,' which allows the cancellation and modification of mortgage liens without physical documents, in collaboration with the Certified Electronic Document Center, the first in the financial sector.

Mortgage lien documents consist of the mortgage lien agreement (setting contract) and registration certificate, which enable the bank to receive priority repayment within the maximum claim amount limit when customers take out real estate secured loans.

With this service, instead of retrieving the physical mortgage lien documents stored at the head office, Hana Bank will perform mortgage lien cancellation and modification tasks using images of mortgage lien documents managed as certified electronic documents. Legal effectiveness has been secured by utilizing digital information safely stored at the Certified Electronic Document Center of Hana Financial TI, an affiliate of Hana Financial Group. Additionally, by establishing a paperless and eco-friendly work system, it is expected to contribute to ESG (Environmental, Social, and Governance) management practices.

On average, more than 300,000 physical mortgage lien documents are handled annually in the document storage. This service is also expected to reduce costs related to storage and handling within the document storage.

This content was produced with the assistance of AI translation services.