Over the past few years, the mortgage industry has experienced significant progress in making digital closings a reality. State governments, GSEs, technology providers and other stakeholders have worked diligently to remove many of the roadblocks that once seemed insurmountable.
As a result, most states now allow eNotarization of mortgage documents; more lenders and investors accept eNotes; and several counties electronically record mortgages. Some states even allow borrowers to remotely sign documents in a closing that is conducted with video conferencing technology.
The message is clear: digital closings are where the industry is heading. Lenders that want to remain competitive will need to deliver these capabilities. For those that haven’t already thought about what type of eClosing technology will best support their consumers and internal processes, now is the time to start.