Mortgage software firm Pavaso and mortgage lender Residential Mortgage Corp. recently completed the first truly end-to-end electronic mortgage, or e-mortgage, in North Carolina.
The “hybrid” e-closing took place at the Residential Mortgage Corp. office in Fayetteville on Sept. 30.
During the closing, the home buyer was required to “wet sign” a small number of documents, because the investor buying the loan required it, however, the remainder of documents were signed electronically by way of the Pavaso Digital Close solution.
Nancy Pratt, vice president of Partner Relations and Government Affairs for Pavaso, said the all digital closing “is further proof that the age of the digital closing isn’t imminent – it’s here.”
“This is what we would call a ‘hybrid closing,’” she said. “North Carolina supports a fully digital closing, allowing for e-notarization and e-recording, but a hybrid closing is necessary since many investors still require a physical, rather than digital, signature for certain closing documents.”
“We are pleased to help usher the mortgage transaction into a more consumer-friendly era in North Carolina,” added Jim Danis, president of Residential Mortgage Corp. “With the dawn of the digital closing, our clients can expect to be better informed and face fewer delays. The home closing was once a process dreaded by consumers and professionals alike. That will no longer be the case as more closings are done digitally.”
For more, check out this article in the Fayetteville Observer or this video posted to Facebook.