That simple truth jumped out at me recently when I joined two of my colleagues from DocMagic at a webinar on the rapidly expanding world of eClosings. We covered a lot of ground, but we kept returning to this simple theme: you can start creating and closing eNotes immediately without turning your current process upside down. DocMagic – the leader in the field – makes it easy because you can bolt their solution onto any of the major LOSs.
Docs not tagged for an eClosing? The DocMagic AutoPrep solution will take care of that. With the power of AI, AutoPrep will find and tag the fields that need to be signed. It takes seconds. (The webinar includes an excellent walk-through of the AutoPrep solution in action.)
One step at a time
With a tool like AutoPrep, the pure eClosing is in reach for everyone – lenders, borrowers, warehouse lenders, sub servicers, and notaries. But you can move that direction with some simple initial steps.
Call it the eHybrid closing: a blend of electronic and paper. You could start with a process allowing all the participants to review documents online before the close, sign some or all of the documents in wet ink, and end with a traditional printed note. As a next step forward, you can have all the participants eSign ancillary documents and the note before the close, print everything, and notarize the package the traditional way.
Or you can handle the entire process, start to finish, as an eClosing, ending with everything in a secure eVault. You can have the note eNotarized and never touch a pen. (Naturally, with a hard copy for anyone who needs it.)
One step at a time, we are well on the way to making the closing mainly a time to shake hands all around – or it will be a time to shake hands when we get past the pandemic.
eNote usage skyrocketing
And speaking of that pandemic: it’s a terrible thing in almost every way, but if you are looking for silver linings, just look at eClosing. The number of officially registered eNotes has gone from a little over 100,000 last year to over 400,000 this year … so far! And no wonder: an eClosing looks like a safer option in times like these.
In the end, we’ll have a far more efficient path to a mortgage. The close itself, thanks to DocMagic, has gone from two hours about 15 minutes.
That’s the real power of the Total eClose solution: time and effort saved, with improved security. The solution can generate Category One SMARTDoc eNotes, provide the necessary eVault, and has direct connectivity with the MERS eRegistry and to the Investor eDelivery channel to expedite funding. And the technology allows eNotarization in each state.
So set your sights on the complete eClosings of the future, but don’t forget: you can start e-enabling your process today.