By Matt Joy, Princeton Mortgage Wholesale
Photo by Tirza van Dijk on Unsplash
eClosings have been a reality now for quite some time, but thanks to Notarize and their partnership with Westcor Land Title Insurance company… borrowers can now experience a fully digital mortgage process in 16 new states.
Notarize has developed the technology that eliminates the need for borrowers to show up in person and execute their final paperwork. Using FaceTime or Skype borrowers communicate directly with a notary and skip the hassle of being physically present to execute their mortgage documents.
The new partnership between Westcor and Notarize not only allows more borrowers to take advantage of eClosings, but it opens the door for title agents to join the digital party. They can now offer their clients a fully digitized closing process… meaning borrowers no longer have to disrupt their work week or weekend to schedule a closing. Like everything new that comes into the mortgage space there are still a lot of unanswered questions… How does this affect attorney states? Will we see more of the title giants (First American, Old Republic, Fidelity National) adopt this new technology? Are the counties that record on board for this? What happens when the technology doesn’t work? As much as we want to believe that technology doesn’t have problems… what happens when a closing is scheduled, but there is a tech issue prohibiting a digital closing? What does a lender do if the rate expires that day?
It appears that Freddie and Fannie fully support eClosings, but is that enough to get lenders and title companies alike to join the process? What are your thoughts?
The market is closed today in observance of Martin Luther King Jr. Day. however, we’re still accepting locks. Please contact me directly for any questions on pricing. I’d liked to leave you all with one of my favorite quotes from Dr. King,
“If you can't fly then run, if you can't run then walk, if you can't walk then crawl, but whatever you do you have to keep moving forward.”
The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.