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What is an eClosing?
Just like many aspects of our lives today amidst the pandemic, eClosings allow you the
opportunity to finalize your mortgage in the comfort of your own home. What is an
eClosing? Essentially, it is a mortgage closing where the entire process is virtual: the
loan package is digital, eSigned and eNotarized.
A fully digital closing occurs remotely. All parties are directed to sign the documents
involved in the closing electronically. eClosings are best performed through a
technology platform that allows the lender to easily communicate with the title agent,
real estate agent, and the borrower to make sure that the closing process runs
smoothly.
What are the benefits of eClosings?
Many people choose to conduct their closings remotely because it is a faster process.
eClosings shorten the time frame of processing home loans. Plus, they make it easier to
coordinate with lenders, title agents, real estate agents, and closing attorneys. Due to
the speed of the digital process, you can close on your mortgage more efficiently while
limiting the time you spend away from work.
One helpful aspect of eClosings is that they reduce the likelihood of errors that may
occur in a traditional closing. It’s easier to notice a missed signature page, or other
small errors through the digital closing technology platform – and its faster to fix them.
The digital closing process makes checking for mistakes much easier and ensures that
all steps are taken to make the closing a success. eClosings are generally more cost-
effective for mortgage lenders and title insurance providers as well.
Additionally, eClosings might be a better option for those who experience health-related
risks and others who would prefer to have a no-contact closing experience.
Interested in an eClosing experience?
Ask questions! Reach out to your agent to see if an eClosing is right for you.
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https://www.notarize.com/blog/what-is-an-eclosing
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