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An electronic mortgage closing — also called eClosing — involves signing mortgage documents with your computer. It may still require a face-to-face meeting.
What is an eClosing?
The mortgage closing, or settlement, is the process in which a home buyer and seller review and sign the documents to finalize the loan and transfer the property.
The most important closing documents are usually signed with ink on paper. They include the promissory note, transfer deed and deed of trust or mortgage. Documents of lesser importance — such as the Closing Disclosure and escrow disclosure — are more likely available in digital form, to be signed electronically.
» MORE: What escrow means in real estate
Types of eClosing
There are three types of eClosings that may be available to you:
- Hybrid eClosing. Some documents are signed digitally and others are signed in person with the notary. Most eClosings are hybrids.
- In-person electronic notarization, or IPEN. The borrower and notary public meet face to face. All the documents are digital and are signed electronically on a tablet or computer and digitally notarized.
- Remote online notarization, or RON. All documents are signed electronically, and the borrower and notary meet by video call instead of in person.
Most states legally implemented RON around the time of the COVID-19 pandemic, and it’s currently available in 47 states and Washington, D.C. Just because it’s legal, however, doesn’t make it the main method of closing.
Benefits of eClosing
For home buyers who are comfortable with technology, eClosing can be more convenient and flexible than meeting in person.
There's less paper or no paper, which reduces shipping and storage costs for lenders. And they go faster.
One other benefit of eClosings: Electronic documents can't be submitted with a missing signature. On a paper document, a missing signature might not be detected immediately, causing headaches and delays.
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