Rick Triola

If lenders build this technology, data suggests that borrowers will come walking out of the cornfields for it — but Congress needs to pass the SECURE Act first.

Lenders largely took a piecemeal strategy to technology adoption, gravitating towards a hybrid e-closing process as the latest industry “innovation,” yet this process is anything but, Rick Triola of NotaryCam writes.

Each state has a different set of laws that governs electronic notarization, and companies have varying interpretations, which can lead to delayed closings.

There are no statutory restrictions on the books in any state prohibiting lenders from conducting mortgage closings electronically or remotely.

Texas is expected to be the tipping point in online closing adoption, and title companies predict that e-closings will soon be standard operating procedure.