Electronically Signing Mortgage Deed Made Easy

Wet electronically sign

you know one of the most frustrating parts of the entire mortgage process my clients tell me is the actual closing mountains of paper were to go through a really tired hand and a lot of what many people think is unnecessary work that needs to be done at the closing table so there's actually a new technology called eclosing that could allow you to close your mortgage in one-half to one-third of the time that it normally takes and in this lesson today I'm gonna go over exactly how it works this is Robert Weinberg and on this channel we empower people to take control of their future through expert mortgage and financial strategies if this is your first time watching please go ahead and click the subscribe button and also hit the bell so you get notified on all of our future content in today's lesson we're going to talk about what is e closing or electronic closing in reference to a mortgage so there are two different types of eclosings there's a fully closing where all of the documents are done electronically and a hybrid e closing where some of the documents are done electronically and we'll talk about the differences here in a second now what this is going to allow you to do either way is sign most or all of the documents that are associated with your mortgage transaction electronically whether that be on your computer on your mobile phone and/or on a tablet so a fully closing as I said is where all of the documents are done electronically as far as the signatures are concerned there's no wet signed documents at all with a full eclosing now while that's rare right now it is becoming the norm the the further out that we get due to technology and laws adapting to technology now with a hybrid e closing most of the documents the majority of your closing documents are going to be signed electronically but the recorded documents such as the property deed and the promissory note there are a couple other documents that are going to be needed to be signed regular with a wet signature with a pen and that is more common right now so either one of these is going to greatly reduce the closing drastically because if you've been through a closing before you know that there's several hundred pages typically that have to be signed in a closing and even for someone who's very versed in it it can create a really tired hand and a lot of fatigue going through it it can be quite frustrating to be to be honest so the other huge benefit that you have with an e closing either a full or hybrid e closing is you know it's really common that there's a miss signature when there's so many papers that have to be signed there might be a miss signature on one page or there might be an initial that gets missed there might be a date a section where they have to put the date and that gets missed or god forbid even a lost document so by doing an e closing and having these documents signed electronically it's done intuitively where you cannot proceed and finish the e closing until all of the necessary signatures initials and dates have been put in so it really creates a scenario where you don't have to worry about these missed signatures or dates there have been clients of mine that have to go back you know a few days after their closing when everything's getting reviewed and they have to sign an additional document or several documents where there was a missed signature or a missed initial or date so this can pretty much eliminate that entire scenario and make the closing process a lot quicker and more seamless now right now in today's economy only the most technologically advanced lenders are using any type of e closing the majority of closings are still going to be done all wet signature you're gonna have to sign all the documents however my company and some other innovative companies in the industry have already started doing hybrid eclosings a lot of it's going to come down to the local and state laws because mortgage and the laws that go with that are all governed by your local government and your state government as far as what they will allow because mortgages are legal documents that have to be recorded in the public records so if this is something you're interested in talk to your lender about it upfront make sure that they're one of the lender on the cutting edge that's using this type of advanced technology and then you'll know you're in good hands and that this can get accomplished sometimes even if they allow eclosing you have to specifically request it in order for it to be used on your particular mortgage transaction so I hope that that helps you and I hope that that gives you some good knowledge on what an eclosing is it's important you understand that it's my belief that within two to three years this will be a standard on all if not most mortgage transactions for purchasing or refinancing a property you can always go ahead and follow me on social media to get on all of my content and access to my previous content and of course you can call or text my office directly if I can be of assistance to you or anyone that you know with purchasing or refinancing a property we'll talk to you soon and take care