By Kelsey Ramirez
eClosings becoming rising trend
Mid America Mortgage announced that it completed its first eClosing through its retail origination channel. The company plans to expand eClosing to all of its retail business and utilize electronic documents where allowed by local jurisdiction.
“This strategy aligns Mid America with the Consumer Financial Protection Bureau'sinitiatives, as the CFPB has signaled its position that eClosing should be an option for all borrowers," Mid America Owner and CEO Jeff Bode said.
Early in 2014, the CFPB released guidelines for an eClosing pilot project to assess how electronic closings can benefit consumers as they navigate the mortgage closing process.
Then, later in 2014, the CFPB announced 12 firms that would kick-start the increased use of technology during the mortgage closing process.
"From my perspective, the great thing about eClosing is, after the list of documents to sign is cleared, we know we have a properly executed closing set,” said Lisa Helmbrecht, branch manager and escrow officer with Homeland Title Company, who was the closing agent for the Mid America transaction.
“Plus, we didn't have to scan or ship the documents after closing, which is a huge time and money saver," Helmbrecht said.
Mid America joins other firms moving into eClosings, including lending document provider DocMagic, which announced the formal launch of its new total eClosing solution in March.