THWOMP! The mortgage lender’s counsel drops a five-inch stack of paper in front of an unsuspecting homebuyer fidgeting nervously at a closing table. Two to three hours later, the shell-shocked borrower emerges after scrawling their signature over and over on page after page, their cramped, limp hand now smeared with ink. The purchase of a home or refinance of a loan are usually happy times for the homebuyer/borrower. But nobody would miss the seemingly endless paperwork at the closing table. Which leads to another possibility: the eClosing.

An eClosing is the act of closing a mortgage loan electronically. The eClosing process occurs in a secure electronic environment where some or all closing documents are accessed and executed over the Internet. For now, creating an electronic mortgage loan is typically a hybrid process in which certain key documents (the note, the security interest) are printed onto paper and physically—or “wet”—signed while other documents are signed electronically.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]