BlogTechnology September 16 2020

Online Closing Options: Closing Faster, Smarter, Safer

2020 has brought drastic changes into everyone’s daily lives, including the way we do business. At Eagle Home Mortgage we wanted to ensure we met our borrowers’ needs. So, we sought out to find a better way to close.

Health concerns, purchasing out of state, or other life interruptions can make closing in person difficult — and that’s why we’ve created two new options for borrowers, our Eagle Express Close and Remote Digital Closing Experiences.

Eagle Express Close

What it is: The borrower signs disclosures online, and signs in person (or “wet” signs) final documents at a title company or with a mobile notary.

Who it’s for: Eagle Express Close works for conventional, VA, and FHA loans, and is allowed in all states.

How it works: Express Close-eligible borrowers will receive two automated emails from their Loan Officer, with videos explaining the process and how to prepare. The first email will be sent about 15 days prior to the estimated closing date, notifying borrowers, “Congratulations, you’re eligible for Eagle Express Close.”

On the day the closing disclosure is sent for the borrowers’ review, a second email and video will be sent with the message, “Your Express Close is Almost Here!”

The borrower receives all documents ahead of closing to review. The borrower then signs disclosures digitally on the day of closing but must be in-person to wet sign the documents that need to be notarized with a title company or mobile notary, such as the note, deed of trust/mortgage, and closing disclosure.

Signing all these other documents ahead of the closing date will make for a much faster and streamlined process.

What happens next: The closer sends documents to mortgage law, which sends them along via email within 60 minutes to the borrower to review. On the day of signing, the borrower is sent a link early in the morning to sign disclosures.

The borrower still must wet sign (in person) the documents with a title company or mobile notary, and the borrower must e-sign and wet sign documents on the same date.

Remote Digital Closing

What it is: This option is a fully remote online notary closing through Notarize. Our Remote Digital Closing borrowers can close in their comfort of their own home, using a camera-enabled smart phone, tablet or computer. The borrower meets remotely online with the notary through a link they receive in their email on the day of closing. No face-to-face contact is required. The notary completes all the documents digitally.

Who it’s for: Only conventional loans are eligible for Remote Digital Closing through Notarize, this option is not available if the borrower is taking a title in a trust or using power of attorney. Only some conventional purchase builder loans closing with Title are available.

eNote-Notarize is allowed in Colorado, Florida, Maryland, Minnesota, New Jersey, Pennsylvania, Texas, Virginia, Washington; it’s allowed in Arizona and Nevada with prior approval only.

How it works: Remote Digital Close-eligible borrowers will receive two automated emails from their Loan Officer with videos explaining the process and how to prepare. The first email will be sent about 15 days prior to the estimated closing date, notifying borrowers, “Congratulations, you’re eligible for our Remote Digital Closing Experience.”

On the day the closing disclosure is sent for the borrowers’ review, a second email and video will be sent with the message, “Coming Soon: Your Remote Digital Closing!”

The closer sends the borrowers’ documents to Notarize. The notary sends a link for the settlement agent to upload documents. After that, mortgage law sends documents within 4 to 6 hours to the borrower for their review; a link is sent via email and the borrower can review all documents.

On signing day, the borrower is sent a link to sign the documents. They click on the link, Facetime the notary, and sign all documents electronically. The notary sends documents back to the title company for recording.

Note: Borrowers must have a camera, microphone, and internet service to complete the remote notary process.

Wondering if your transaction is eligible for an online closing? We can help. Contact Eagle Home Mortgage and get connected with a Loan Officer today.

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