Plaza Home Mortgage reports that it is now accepting full e-closings on all conventional Fannie Mae and Freddie Mac eligible loans originated in jurisdictions that permit them.
Full e-closing will be available across all of Plaza’s channels – wholesale, national correspondent and mini-correspondent, the company says in a release.
The fully digital process eliminates the need for “wet” signatures and face-to-face closing appointments as all documents may be e-signed and e-notarized, including the note and security instruments.
E-notes are authorized in all 50 states and the District of Columbia and more than 40 states currently accept remote online notarization (RON.)
With the full e-closing, settlement agents can send borrowers their closing documents electronically one to two days before the closing date. This allows the borrower time to review the documents, ask questions and then e-sign in a recorded audio/video session with a RON-certified notary.
E-closing will enable Plaza clients to offer their borrowers a more convenient, safer closing alternative. The digital process also reduces processing costs and will, over time, streamline closings and accelerate funding.
“Our full e-closing option provides a complete digital experience for both our clients and their borrowers,” says Mike Fontaine, chief operating officer and chief financial officer of Plaza Home Mortgage. “Simply stated, it’s an enhancement that helps transform loan origination, especially given the necessity of moving to an online, remote experience in our current environment.”