United Wholesale Mortgage (UWM) has introduced what it says is “the nation’s first virtual e-closing experience,” enabling borrowers to fulfill a full mortgage transaction without wet-signing a single document.
Whereas previous versions of e-closings still required some in-person contact with a notary to e-sign closing documents via a shared tablet, UWM’s remote e-closing technology eliminates that step. A borrower can be anywhere that has Wi-Fi access and use a computer or mobile app to FaceTime with a notary to actually complete the closing live. The process allows for all documents to be signed, including the promissory note and mortgage.
To execute the online closing – which was completed on July 28 with borrowers in Chicago – and UWM partnered with Arlington, Va.-based Notarize, a digital platform for legally notarizing documents online.
“This is a revolutionary time for borrowers and independent mortgage brokers, as we’re taking convenience in the mortgage process to a completely new level,” says Mat Ishbia, president and CEO of UWM.
“The days of being bombarded with reams of paper at the closing table are over. Giving borrowers the ability to close a loan whenever they want, whether it’s at 11 a.m. or 9 p.m., will have an incredible impact on the entire experience,” he adds. “Independent mortgage brokers will have an even stronger competitive advantage over retail competitors and large banks.”
Currently, UWM’s virtual e-closing technology is available to brokers in Illinois, Montana, Virginia and Washington, and will be expanded elsewhere in the U.S. this year.