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
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