Quite a good number of mortgage lenders have successfully enhanced their services and improved the speed of their operations with eClosing software. At the same time, however, there are still many who remain unaware of what this technology is and how it can help them.

So, what is eClosing software?

Put simply, eClosing software facilitates the entire mortgage closing process electronically. By automating tasks and workflows, it allows all parties to communicate and share information while also digitally signing documents securely in a paperless environment. This helps to reduce the time and cost associated with traditional mortgage closings.

This mortgage solution is particularly well-suited for larger institutions as it facilitates handling multiple loans at once while enabling faster and more efficient completion of loan processes. eClosing software also helps to reduce the chances of errors, which can be costly and time-consuming to correct.

The good news is that you can still use an eClosing app to streamline the process of issuing loans even if you’re a small lender.  In fact, eClosing software can be of great benefit to smaller institutions, as it allows them to compete with the larger lenders in terms of speed and efficiency.

Types of eClosing

By now, you are aware that eClosing is a process that makes it possible to electronically sign one or more documents in mortgage closing. If you were wondering what types of eClosing processes are out there, wonder no more. We will list them for you.

1. Remote Online Notarization (RON)

This type of eClosing makes it possible to conduct the entire closing process over video. With this kind of eClosing, all the involved documents will be signed digitally. It’s a process that is seen as mirroring the original in-person closing process. One thing to keep in mind about RON is that it’s not allowed in all locations.

2. In-person e-notarization

Also referred to as IPEN, in-person e-notarization requires that the customer meets the notary physically. In this type of mortgage closing, all the documents are supposed to be signed digitally.

3. Hybrid e-closing

This process is increasingly becoming the most popular option when it comes to closing mortgage loans. Like the IPEN process, you have to arrange a physical meeting with the notary.

The notable difference, however, is that only some of the documents that are involved in the process will usually be signed electronically. The remaining documents are signed the traditional way – using a pen on paper.

Why does your business need eClosing software?

Getting eClosing software for your business is a good move for the following reasons:

• It helps you to meet all your specific needs in a unique way
• It facilitates the reconciliation of online and in-person activities
• Makes it possible to have all your crucial work processes in a single place
• Eases communication and information sharing among all the involved parties
• Helps to reduce or eliminate possible human error during the mortgage closing process
• Provides an audit trail for all activities

To bring things to a close,

If you’re looking for a way to speed up your mortgage closing process and reduce your costs, eClosing software may be just what you need.

You can always contact a reliable eClosing software provider today to learn more about how this technology can benefit your business. That way, it will be easier to make an informed decision.