135d ago

Electronic Closing

  • All or part of the closing is conducted online

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

    • May include audio and/or video

    • requires specifically certified closing agents

    • Only about 50% of states allow for eclosing 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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Electronic Closing

  • All or part of the closing is conducted online

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

    • May include audio and/or video

    • requires specifically certified closing agents

    • Only about 50% of states allow for eclosing 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