There’s a ‘Hybrid Closing’ Option for Tech-Averse Clients
June 10, 2019
Even as paperless transactions simplify the homebuying process, not everyone wants to go completely digital. So for buyers who want to opt out of an online closing or are not eligible for one, Notarize, an electronic notarization provider, has debuted a “hybrid closing” option. With this process, buyers can review and sign the majority of closing documents digitally, but the paperwork will still be physically furnished on settlement day.
Notarize introduced a new closing automation platform this month to allow lenders to conduct e-closings in a variety of ways. “Borrowers are closing on their homes in Starbucks and [in] their PJs,” says Kelley Cooper Spencer, a senior closing and funding manager at Thrive Mortgage, which has completed more than 100 closings online with Notarize. “They want painless, seamless experiences that don’t require them to sign stacks of paper in person. … In the not-too-distant future, we won’t be debating remote online notarization and online closings. We’ll be debating who is using those technologies to deliver the best customer experience possible.”
Notarize was part of the National Association of REALTORS®' 2017 Reach Accelerator Program through Second Century Ventures, the association's strategic investment arm. The program offers mentorship and exposure to startup firms. Notarize offers an e-book for real estate professionals, The Instant Mortgage: How to Achieve Better Closings, On-Demand, which includes details of how some lenders are funding a loan 100% electronically in just two hours.
Updated: June 20, 2019