Virtual Closings... anyone?

Question

Anyone been doing these or been wanting to do one? Seems like a no brainer but not seeing many folks doing it.

Erica Larence-Penna · Answer

@John Green I hope they do!  It is so much more efficient and simple.  I think the state laws need to catch up, though.  There are so many benefits to lenders and it would definitely limit any errors at closing, like a missed signature.  Loans would be able to fund quicker, no waiting for closings packages to be shipped, etc.

John Green · Answer

@Erica Larence thanks for the feedback. Do you think lenders will eventually come around to it? Or is there no real incentive for them to yet?

Erica Larence-Penna · Answer

@John Green @Colleen F. Different states have different rules regarding e-closings and remote online notarization.  Also, lenders need to approve e-closings or remote online notarization and most don't.  I work with a couple of lenders who are able to do hybrid closings, but most aren't set up for it.  I'm also in RI and they're pretty strict regarding remote online notarization.  We need to be set up with a solution provider approved by RI, and both the notary and the signer need to be physically located in RI.

John Green · Answer

Interesting. Thought there might be more than meets the eye. Thanks for the feedback.

Colleen F. · Answer

Just went to a closing and the lawyer explained that he took the virtual closing training in RI but it really doesn't make sense because he still needs all the paper. In addition he needs to watch the person sign on video to notarize the document and still receive the paper to seal the document.  He said he hadn't done any yet.  It's not like a purchase offer where you just sign the docs and its not real time.