eClose and RON (remote online notarization) are cutting-edge technologies in the mortgage industry. They bring lenders closer to the entirely remote, fully digital closing of loans.
Only a few documents within the loan stack must be ink-signed and notarized. eClose software solutions enable the documents eligible for e-signature to be previewed and e-signed by the borrower at their leisure, from the comfort of their own home.
RON offers a solution for even those stubborn wet-signed documents. Certain states provide for remote online notarization, where the notary can verify identity by screen share or teleconference and notarize digitally.
For Mortgage Professionals
eClose and RON reduces labor, paper, shipping, courier, and scanning expenses, as well as the potential fiasco of paper documents that could get lost in transit.
Faster loan closings reduce the costs the originator must carry before the loan can be sold on the secondary market, increasing the profit for the originating lender.
eClose and RON save the customer time, eliminating a trip to the closing agent’s office and reducing the time it takes to sign final loan documents from 30-45 minutes to as little as five minutes. This results in higher customer service levels.
An eClosing moves some or all of the mortgage closing online. Depending on the state, county and investor, borrowers can review and sign documents electronically and even complete notarization by video with remote online notarization (RON).
The closing package is generated electronically and shared with the borrower, settlement agent and lender.
Borrowers review documents ahead of time and eSign those that do not require notarization.
Documents are notarized in person on paper, in person electronically, or remotely over secure audio and video with RON.
An eNote is registered with the MERS eRegistry and stored in an eVault, and the security instrument is eRecorded with the county.
Support for RON laws and eRecording where the lender closes loans.
Title agents and notaries who are ready to run hybrid and full eClosings.
eNotes and eClosings accepted by the agencies, investors and warehouse lenders the lender sells to.
Connections to the LOS, document provider and title platforms.
Identity proofing, credential checks and tamper-evident audit trails.
An eClosing is a mortgage closing where some or all documents are signed electronically. A hybrid eClosing eSigns most documents but wet-signs the notarized ones, while a full eClosing is completely electronic, often with an eNote.
Remote online notarization, or RON, lets a commissioned notary notarize documents for a signer over a secure audio-video session, with identity verification and a recorded audit trail.
Most states have enacted permanent remote online notarization laws, but rules differ by state and county recording practices vary, so lenders confirm acceptance for each closing location.
An eNote is an electronic promissory note. It is registered with the MERS eRegistry, held in an eVault, and can be transferred electronically when the loan is sold.
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Powering millions of closings a year, Snapdocs is the mortgage industry’s leading digital closing platform. Snapdocs creates one efficient process with all of your settlement partners and every closing type — including wet, hybrid and fully eClose.
EscrowTab offers title companies and lenders a new angle on digital closings with an integration-free, In Person Electronic Notary (IPEN) solution. It’s the only eClosing platform that allows a borrower to sign an eNote with a forensically verifiable handwritten signature.
SimpleNexus is a homeownership platform uniting the people, systems, and stages of the mortgage process into a seamless end-to-end solution.
ICE Mortgage Technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency.
Stavvy is a digital mortgage platform built to equip lenders, title and settlement agents, and servicers with exceptional communications, eSign, Eligibility Engine, eRecording, and RON capabilities.
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