Mortgage document preparation vendor International Document Services Inc. (IDS) reports that its platform now supports hybrid electronic mortgage closings – meaning that lenders can now have borrowers electronically sign and execute the majority of closing documents through the company’s idsDoc e-sign room.
The promissory note and any documents requiring notarization will still need to be wet-signed, however, IDS reports that it will soon be adding e-notarization and remote notarization capabilities, as those processes become legal in more states.
“IDS’s philosophy has always been to provide solutions that help our clients meet the challenges they face today while planning for the challenges they could face tomorrow,” says Mark Mackey, vice president and general manager of IDS, in a release. “Now that investors are starting to accept hybrid e-closings, we felt the timing was finally right to add that capability to idsDoc so that our clients are able to keep pace with industry acceptance of electronic processes along the e-mortgage continuum.
“Even though 21 states allow some form of e-notarization, investors are still wary of accepting loans with electronically notarized documents,” Mackey adds. “In addition, only three states – Nevada, Texas and Virginia – have enacted legislation allowing remote notarizations. Once eNotarization and remote notarization become reality for the vast majority of IDS customers, we will be ready with the functionality to allow them to meet this new challenge head on.”
