Today, just about everything in the home buying process is automated. Purchasers search for real estate online, even taking virtual tours of potential favorites. Buyers get pre-approved for their mortgages and complete much of the paperwork through electronic forms and communication. However, when the final, and some of the most important, steps arrive, the closing process seems to come to a digital halt with both parties required to sign official documents with a notary present.
The idea of eClosings, or remote closings, has been around for quite some time with several states performing various versions of them. Most recently, North Carolina completed its first ever eClosing in May. Since then, the process was taken a step further with promises of parties being able to close without ever leaving their homes. Whether the initial plan for eClosings, where the closing is paperless but parties are still required to be present and sign documents, with a Notary present, on a mutual tablet; or this recent step removing the need to ever meet, it seems clear that eClosings will soon close the electronic gap in the closing process.
The following articles discuss the most recent innovations in eClosings:
North Carolina Officially Completes First-Ever eClosing
Housingwire, May 10, 2017, Brena Swanson
United Wholesale Completes First eClosing
Housingwire, August 9, 2017, Kelsey Ramirez
The Future is Bright for E-Mortgages: An Overview of Relevant Laws and Requirements
ALTA Title News page 24, August 2017, Michael Gordon and Rajasekhar Penugonda