A Paperless Odyssey: The Journey to a Fully Digital Mortgage is Nearing an End
For the better part of two decades, technology has been poised to transform the time-consuming and paper-centric process of closing a mortgage. In order to perform an electronic closing or e-closing, all documents need to be electronic.
Additionally, systems must not only have the capability to sign and notarize electronic documents but also must be able to record the electronic document in public land records. To accomplish this, there are still figurative monsters to slay on this voyage.Complying with various state and local requirements for notarization and recording were - and in some cases, still are - reasons to use paper as a settlement crutch. The COVID-19 pandemic has forced lenders and title companies to move home loans online, find creative solutions for notarization and eliminate paper. An e-closing is remote and meets physical-distancing requirements for all parties: the borrower, the settlement agent and the notary. So, why aren't all closings electronic, especially in these times? Read More Here!