First American taps e-closings for more efficient mortgage process
First American Mortgage Solutions is stepping up its digital mortgage game by offering electronic closing capabilities.
The company will integrate technology from loan closing platform Snapdocs and mortgage fintech Nexsys to facilitate the e-closings. Pilot testing is underway with select customers.
"We're committed to protecting the integrity of real estate transactions, whether they are closed with wet ink or an e-signature. Our e-closing solution will enhance the consumer experience and increase efficiency, while reducing risk and operational errors," Kevin Wall, president of First American Mortgage Solutions, said in a press release.
"It is designed to help lenders accelerate the adoption of digital mortgage, while providing both lenders and consumers confidence that the digital settlement process is facilitated by one of the industry's leading title and settlement providers," he added.
First American's e-closing tool will include a mobile-friendly interface, consumer document preview, mobile notary digital scheduling, consumer appointment confirmation, e-signatures for hybrid e-closings and remote online notarization capabilities for areas that accept them, according to the company.
For remote online notarization, the technology will also support MERS eRegistry and eVaulting workflows by managing "eVault-ready" documents, the company said.
The move by First American to launch e-closing capabilities comes at a time when more mortgage companies are extending their focus from online application tools and increasing efforts on the closing side of the transaction.
Similarly, Wells Fargo announced its own digital closing initiative by preparing to launch an e-note program. The bank will leverage eOriginal to enable the purchase of e-notes through its correspondent channel, Wells Fargo Funding.