Electronic Closings

Electronic Closings

New real estate apps and electronic mortgage resources are being rapidly developed and expanded, according to HousingWire.com.

The traditional paper-and-ink closing is now known as a wet closing, which refers to the old phrase "no sooner than the ink had dried on the paper." In wet closing , all of the purchase documents are signed and notarized in ink and in person. 

By contrast, an eClosing is processed digitally, which means the mortgage loan package is electronically  signed and notarized.  The closing can either be conducted in person or remotely using a webcam.  Referred to as the eNote, the electronic promissory note is securely filed in the MERS (Mortgage Electronic Registration Systems) eRegistry. 

A hybrid closing is the combination of a wet closing and an eClosing. Depending on the lender's preference, some of the documents are signed and notarized in ink and the rest are filed electronically. Hybrid closings help to streamline the process but still require an in-person appointment. 

Karin Waterschoot-Perez Headshot
Phone: 614-774-1741
Dated: June 29th 2020
Views: 298
About Karin: Executive Vice President of Sales Experienced Realtor, Karin Waterschoot-Perez, currently serves ...

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