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Stewart Title makes first e-closing of FHA loan

Technology will vastly reduce paperwork

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Stewart Title performed what is believed to be the first electronically closed FHA loan in partnership with Mountain America Credit Union.

Mountain America Credit Union and Stewart Title’s Bonneville Superior office joined DocMagic eSign to accomplish the task.

FHA’s recent announcement supports the ability to eSign all documents with the exception of the note. The announcement states that the agency will begin accepting electronically signed notes by the end of the year.

“Our ability to use this technology to help lenders realize a fully paperless mortgage is the real story here. There really is no excuse now not to provide this service to borrowers, who have been demanding it for some time,” said Tim Anderson, director of eServices for DocMagic.

“Being the first lender in the country to conduct a live eClosing of an FHA loan and doing it with Quick Close and Stewart is truly an exciting event for us,” said Amy Moser, vice president of mortgage services for Utah-based Mountain America. “We implemented Quick Close for our customers in 2010. It gives us a tremendous competitive advantage because it enables us to provide superior customer service to credit union members who demand an efficient loan experience.”

Stewart, the end user, was pleased.

“Today marks two very momentous transactions in Utah and for the real estate industry as a whole,” said Glenn Clements, group president of direct operations for Stewart. ”One, for the first time in the industry’s history we were able to electronically close an FHA loan on a home purchase, and then immediately following that closing, we eClosed a refinance transaction with an FHA loan.”

Source: DocMagic
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