The future is here with Remote E-Closing. The days of being bombarded with reams of paper at the closing table are over. Previous e-closings required either some in-person contact or a notary to e-sign closing documents via a shared tablet.
Borrowers will FaceTime with a notary in order to complete the closing live. The process allows for all documents to be signed, including the promissory note and mortgage. Buyers will never have to leave their home or wet sign a single document for purchase or refinance loans.
This gives borrowers the ability to close a loan whenever they want, whether it’s at 11 a.m. or 9 p.m., this will have an incredible impact on the entire experience,”
The e-closing technology is currently available to brokers in four states: Illinois, Montana, Virginia and Washington. The expansion will continue into more states throughout this year. Fannie Mae, Freddie Mac and the CFPB are all supporting these changes. So this is big news.
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