Electronic Closing

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

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

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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