Electronic Closing

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4 Terms

1
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Electronic closing

All or part of closing is conducted online

  • Depends on customer choice, state/local/jurisdiction requirements and lender standard

  • May include audio and/or video

  • Requires specifically certified closing agents

    • only about 50% of states allow closing at this time

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Hybrid closing

  • Combination of in-person and electronic features

  • Notary signing agent (NSA) may be able to use a remote online notary (RON) or in person electronic notarization (IPEN)

    • May also need some traditional physical documents

    • Dependent on state requirements

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Eclosing

  • Completely digital closing process

  • Parties can sign from remote locations using audio/visual communication

    • Notary is required to be physically located in the state in which the loan is closing, but the borrower may sign from elsewhere

  • Limits the distribution and opportunity for interception of personal financial documents

  • Increases opportunity to find errors and resolve them quickly

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