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.

Search Results for query

January 22 2021

Budget Hacks: 4 Easy Ways to Free up Money to Help You Save

You've already cut and sacrificed, but saving seems out of reach? Here's where to find that extra money to sock away.

Read More

January 14 2021

3 Easy Interior DIY Projects to Increase Your Home Value

With a small amount of money and a little elbow grease, you can create a home that buyers bid for.

Read More

January 08 2021

FHA Loan Limits for 2021

Read More

December 23 2020

4 Easy Ways to Clear Clutter for the New Year

Here’s how to get past the failed resolutions and good intentions with some fool-proof, actionable steps to clear clutter for the new year.

Read More

December 17 2020

How Much Down Payment for a House is Enough?

The typical down payment on a home depends on your income, eligibility, and goals—and finding the mortgage that fits best. All too often, the excitement of finding a home you want to buy comes first, followed by the bubble-bursting question of “can I...

Read More

December 09 2020

Eagle Home Mortgage is Now Lennar Mortgage

What’s in a name? A smoother, more efficient home-buying experience. What’s in a name? A smoother, more efficient home-buying experience.

Read More

November 17 2020

How to Get Pre-qualified for a New Home Loan

These easy steps will help you find out what you can afford to be ready to buy.

Read More

November 06 2020

Surprising Facts About VA Loans

A VA loan can help eligible veterans purchase the home of their dreams, but they come with a few conditions a buyer should understand.

Read More

October 21 2020

What is an FHA Loan?

For borrowers with tight cash or tricky credit, an FHA loan can be the answer. But not every situation is a good fit for these mortgage loans. Find out if one is right for you.

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?