The Voice • February 2018
As the mortgage industry continues moving towards a paperless workflow, numerous companies are expanding themselves, their partnerships with each other, and the services they bring to the eClosing process. The industry’s move away from paper processes to recognizing the digital document as the official record is more apparent than ever.
Notarize, the first company to allow for documents to be notarized online, has partnered with Westcor Title Company, a leading title insurer, to expand the region that allows for electronic mortgage closings to states including Alabama, Illinois, Florida, Indiana, Kansas, Maine, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, Ohio, Tennessee, Virginia, and Washington. This shows both the initial growth along with the future potential for the eClosing practice to be adopted throughout the country and not in one concentrated region alone.
Earlier this month, DocMagic, the country’s largest loan document production company, reported that is has now processed more than 300 million mortgage-related electronic signatures. The company produces a number of different software platforms, all of which have shown a significant increase in volume. In regards to this increase, DocMagic stated they attribute it to the “lenders’ growing need to prove a TRID-compliant, 100% paperless mortgage process.” [1]
As the industry gravitates closer to bringing the entire closing process into the digital realm, change is inevitable for all parties involved.
Sources
[1] https://www.housingwire.com/articles/42358-docmagic-reaches-300-million-esignings
