E-docs

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

In the past, the people that close the loan have been left out of developing this technology.

With more real estate and mortgage companies moving to a digital process, volume expectations in the face of coronavirus restrictions shot way up in May compared to April.

The temporary approval of remote ink-signed notarizations gives mortgage companies another tool for closing deals during coronavirus lockdown.

As the world practices social distancing to counteract spreading the virus further, it forces lenders to move as close as possible to an all-digital model, as quickly as possible.

Electronic closings are a solution in efforts to limit people congregating, but there could be some state law concerns.

Denver beat out Salt Lake City to snag another technology firm looking to escape the Bay Area's escalating costs.

Mortgage companies will be charged fees to upgrade an Internal Revenue Service system they use, but will benefit from the improvement as well.

Loan officers' jobs are harder than they need to be because of back-end system inefficiencies, and it adds cost to the process.

MISMO released an updated set of remote online notarization standards to create consistency among industry practices and state laws as mortgage lenders continue to make strides with electronic closings.