It’s hard for mortgage lenders to know what is – and isn’t – on the table when it comes to remote notaries and e-closings, especially on the local level.
As such, Equity National Title has launched an “e-closing” hub for mortgage lenders designed to advise of the types of digital closings available – all the way down to the ZIP code level.
“Although the promise of the digital mortgage closing is powerful, the reality is that we’re confronting a lot of complexity in what can and cannot be achieved state by state and county by county,” says James K. O’Donnell, president of Equity National Title, in a release. “Some counties may allow for some levels of e-signing but they may not allow a full e-closing. Other counties may not be aligned with state directives when it comes to remote notarization, or they might require the parties to make use of only one specific e-provider. Still other counties won’t accept an e-notarized deed.
“For lenders wanting to execute an e-closing strategy, especially over a wider geographic footprint especially, it can be dizzying,” he says. “That’s why we designed [the new hub]. It simplifies their decision making.”
The new hub, called e-Ways, will advise users whether the key authorities in each ZIP code accept none, all or some combination of the four existing types of closing: fully digital; hybrid; remote notary or traditional.