In today’s world, technology is changing how we go about everything — from how we communicate, to the way we trade goods and services, and even how we purchase homes.

E-closings are revolutionizing the ways in which potential homeowners approach the sometimes overwhelming real estate closing process by leveraging technology to completely transform their experience with title services.

While e-signatures have been around for some time for other variations of legal documentation, beginning with the E-Sign Act that was passed in 2000, e-closings are still a relatively new concept due to some of the interstate issues that could be run into with title closings.

Our national title company, Elevated Title, developed Close Happy® after asking real estate buyers, sellers, and lenders what their biggest issues were when tackling a real estate closing. The most common statements that we heard were:

  1. There is a myriad of paperwork to review
  2. It’s difficult to determine who can answer my questions on certain topics
  3. The entire process is excruciating and overwhelming

After hearing your concerns, we researched how we could implement technology to improve the overall experience of title services and closings.

With our national title company, we were able to successfully implement e-closings for a streamlined closing process that simplifies and expedites transactions, making it simpler, faster, and cheaper for buyers, lenders, and sellers alike to conduct business efficiently.

 Title - Advantages of E-ClosingsBefore we dive into the advantage incorporating e-closings can offer to realtors, lenders, buyers, and sellers of property titles, let’s discuss some more details behind what comprises an e-closing.

What Is an E-Closing?

An e-closing is the electronic execution of some or all of the mortgage loan closing documents within a secure digital environment such as a server or app. This allows for a more streamlined and efficient method of providing title services, including the transfer of documents and communication between all parties involved.

How Does an E-Closing Work?

E-closings can exist in purely digital form or a hybrid of paper and electronic processes — depending on your personal preference for title services. You can have key documents such as the promissory note or security instrument in hard copy and wet-signed, while the remainder of the less significant title closing documents signed electronically. An e-closing can also result in an e-mortgage, but only if the promissory note is signed electronically.

Advantages of E-Closings

Being able to access, sign, and submit all of your mortgage, escrow, and title closing documents online leads to a multitude of benefits for everyone involved in the title closing process, and it allows us at Close Happy® to provide you with the best title services.

More Time To Review

With an e-closing, all parties involved in the real estate closing will have optimal time to review documentation before the closing date. This means there is plenty of time to ask questions, receive clarification, and understand exactly what you are signing.

Speed and Efficiency

E-closings allow lenders to fund loans faster as well as catch and correct any errors, such as incorrect information or grammatical errors, instantly. No more need for rushed deliveries or courier services in order to get documents signed and in the hands of those who need them. This cuts down on the closing time and costs involved immensely.

Eliminates Paperwork

Besides saving the planet by going paperless, having all closing files available electronically in the palm of your hand with the Close Happy® app allows everyone to be capable of storing, accessing, and reviewing documents at their own leisure.

Integrates Information

With an e-closing, home buyers are never left in the dark when it comes to any piece of the title closing puzzle. Borrowers can access their personal portal to learn more about their mortgage loan, the stage it is in, their interest rate, and more without having to play phone tag with the lender on a daily basis whenever a question arises.  

Greater Protection

Lenders have simple access to a digital trail of every dated and time-stamped disclosure. They can see when borrowers viewed and e-signed any specific closing document while also having the added security that ensures confidentiality and saves money by avoiding data and disclosure errors.

Eliminates Storage

With an all-inclusive digital app for e-closings, buyers, sellers, and borrowers alike can all have their documents stored in the same place, so there won’t be any hectic searches the day of a closing for a missing signed document. On top of this, lenders and real estate companies are able to safely store these files digitally long term after the closing without having to pay for extra storage space as done in the past.

With all of these benefits possible for you, whether a new homebuyer, a lender, or a realtor, it’s time to embrace technology and switch to an e-closing method for your title services so you can start Closing Happy® today!