Stewart Information Services Corp., a real estate services company, announced last week it completed Washington’s first ever online notary closing.
The closing was performed for a buyer traveling in Africa and unable to return home to complete the transaction in person. This traveler, rather than having to look for a notary at a U.S. Embassy, was able to complete the transaction online.
“Today’s consumers are not only mobile, they are focused on convenience,” Stewart Chief Information Officer Brad Rable said. “New eClosing technology enables us to serve our consumers in multiple locations and time zones – and according to their availability.”
The transaction used NotaryCam’s eClose360 program, which enables mortgage closings to take place entirely online.
“Using NotaryCam, we can close transactions online for consumers around the world, essentially bringing the closing to them, at a time convenient for them,” said Wyomia Clifton, Stewart senior division president of the northwest states. “We have a highly dynamic marketplace in Washington, with executives from large companies, such as Microsoft and Amazon, that frequently travel domestically and abroad, which makes traditional closings difficult, delayed or impossible.”
The company explained that while eClosing technology is only available in a few states, its underwriters continue to help navigate these laws and regulations which change quickly. The company explained its goal is to eliminate the need to attend a closing in person.
In 2016, Radius Financial Group partnered with DocMagic, the MERSloan registry, Fannie Mae and Santander Bank to complete the long-anticipated eMortgage. The group closed six loans in a completely paperless process, utilizing both lender and closing/settlement agent documentation, eNotarization, eWarehousing and eNote acceptance through DocMagic’s eClosing solution.
But Stewart’s eClosing isn’t its only new digital announcement; it also announced Tuesday the company’s services are now available through Ellie Mae’s Encompass all-in-one mortgage management solution.
The integration will allow lenders to order Stewart's solutions directly from Encompass for improved quality and efficiency in the loan origination process.
“Stewart and Ellie Mae are excellent partners and we look forward to continuing our long-standing, successful relationship,” said Bill Sullivan, Stewart senior vice president of the enterprise lender sales division. “Stewart’s dedicated customer service and the secure, seamless integration with Encompass simplifies and further automates the mortgage process for Ellie Mae lenders.”