Fidelity Chalks Up 20,000 E-Closings

Charlotte, N.C.-based Wachovia is one of the lenders drawing high marks for its just-launched campaign to offer customers the option of closing a mortgage loan refinancing online without ever leaving their home or office.Bank customers who go to the company's website and click on "mortgage" are presented with a banner advertisement inviting them to close a loan "from any location with an Internet connection." The online service is powered by ClosingStream, a product of Fidelity National Information Services' LSI. Early indications show a third of Wachovia's refinancing and home equity borrowers choosing the e-closing option over the traditional closing process. To date, Fidelity claims 20,000 e-closings via ClosingStream, which its LSI unit touts as the first viable Web-based closing solution to be offered nationwide. Wachovia can be found online at http://www.wachovia.com.