Loan closing agent…

Digital Closings

Find a better closing experience with digital closings, also known as eClosings. Larger Title companies are at the leading edge to bring you a faster, streamlined closing by executing some or all closing documents in a secure digital environment.

What is eClosing?

By incorporating digital forms, electronic signatures and electronic and remote online notarization*, eClosing is changing the traditional way of closing with all paper documents. Three types of eClosings currently exist to accommodate the needs of all parties: Hybrid Closing, Electronic Closing and Remote Online Closing.

*Due to state laws or regulations or both, electronic notarization and / or remote online notarization is not available in every state.

Types of Notarizations

The American Land Title Association recently released new and revised terms and information for all forms of notarization currently in use.

Traditional Wet Ink Notarization (TWIN):

Signatories in a TWIN (also known as a traditional notarization) appear in person before a notary to wet ink sign paper documents. The notary verifies their identity on the spot, and applies their signature and seal on paper.

In Person Electronic Notarization (IPEN):

Signatories in an IPEN (also known as eNotarization) appear in person before an eNotary to eSign digital documents. The notary verifies their identity on the spot, and their electronic seal and signature is digitally placed on the document.

Remote Online Notarization (RON):

Signatories appear before an eNotary via a two-way, audio-video conference over the internet to eSign digital documents. Identity is verified with photo ID and correctly answering knowledge-based authentication questions. A recording of the transaction is available to permissible parties. eNotes are required.

Paper Remote Online Notarization (PRON)

Signatories appear before an eNotary via a two-way, audio-video conference over the internet to eSign and eNotarize most documents. Identity is verified with a photo ID and correctly answering knowledge-based authentication questions. After the transaction, any documents that need a wet ink signature must also be wet ink notarized before returning to the settlement agent to finalize the closing. A recording of the transaction is available to permissible parties. This process will generate at least one paper document that will be wet ink signed, notarized and returned to the settlement agent. This is typically the promissory note, but multiple documents can be processed this way.

Remote Ink Notarization (RIN)

Signatories appear before a notary by means of two-way, audio-video communication technology, where the notary observes the wet ink signing of the documents. Once completed, the original documents are returned to the notary via overnight delivery for certification and execution by the notary and affixation of the official stamp or seal.