How to Do eClosings During Social Distancing

1 April 2020

How to Do eClosings During Social Distancing

“Progress is impossible without change,” according to George Bernard Shaw. And for many lenders and settlement services providers, there’s no time like the present to embrace change.

Social distancing has made many companies that had not yet adopted eClosings wish they had already done so. Nonetheless, eClosing technology can quickly come to the rescue, offering lenders and settlement service providers much-needed relief.

The concept behind eClosings has been around since 2000, when digital signatures became viable for signing loan applications and disclosures. Yet the vast majority of eClosing solutions still required borrowers to sign documents with ink and paper in someone’s office or in the presence of a notary.

That’s no longer the case. In fact, our proven technology enables us to integrate every element of the closing process into a singular, digital closing solution for all parties—lenders, referral partners, settlement agents and consumers.

To start eClosing immediately, we recommend our hybrid solution, eClosePlusExpress. With this solution, title companies, lenders and real estate agents can each remotely review, upload and amend documents as needed, and your borrower will be able to eSign all non-critical documents ahead of time. When used with a mobile notary, the result is a fast, 10-minute closing experience that brings in-person contact to absolute minimum.

eClosePlusExpress can be implemented in a matter of days. With a few extra weeks, however, we can also remove all person-to-person contact in closing transactions entirely through remote online notarization technology (RON).

With our eClosePlusComplete product, lenders can create fully digitized loans for buyers, sellers, and homeowners refinancing their mortgage. Each closing through eClosePlusComplete includes a SMARTNote, an automatic MERS registration and eVault file storage, so your borrowers and partners can enjoy the peace of mind that all documents are shared and stored with maximum security. eClosePlusComplete can also be combined with RON technology, in which borrowers are able to sign their closing papers in the comfort of their own homes while a notary witnesses the signing remotely over the Internet.

As more lenders, settlement agents and real estate agents work remotely under stay-in-place orders, our eClosing products maximize productivity so each party can contribute to the economy during this critical time. However, digitizing the closing process offers many other benefits that will last long after this crisis is over.

The electronic closing process, whether it is the eClosePlusExpress option or eClosePlus Complete, results in fewer errors and ensures greater accuracy in your loan documents. eClosings are also far less time-consuming and more efficient for all parties and enable them to eliminate all unnecessary travel. And they’ll give your borrowers the easiest, fastest and most convenient closing experience they’ve ever had—an experience they will likely share with their friends and family members, which translates to more business for you. eClosings will also ensure that lenders are able to sell their loans more quickly in the secondary market, allowing the lender to move the loan from its warehouse line to its investor in record time.

If you’d like to learn more about how eClosePlusExpress and eClosePlusComplete can improve your customer satisfaction levels and keep revenues flowing in these uncertain times, we urge you to see a demo. To get started, click here . And if you have any questions, feel free to contact us at info@eClosePlus.com. Here’s wishing you a safe and healthy year ahead!

About Us

Building on over 44 years’ experience in the mortgage and title industries, eClosePlus’ intuitive design streamlines and simplifies the closing process and offers a complete and secure electronic eclosing solution.

Our Contacts

17806 IH-10 West Freeway, Suite 450
San Antonio, TX 78357

1-877-448-8373