Your Lake of the Ozarks Mortgage Lender: Mortgage Technology

Mortgage Technology – Moving forward in 2024

Do you remember the days of having to physically go to an office, be it a title company, lawyer’s office, or banking center to spend an hour or more signing documents to purchase or refinance your home or condo? Sometimes you’d spend half the day waiting for the funds to be wired in and disbursed so you could get on with your day and go enjoy your new property.

Well, those days are over! Team Lasson has been using the hybrid closing system offered by First State Bank Mortgage for quite some time, and it’s fantastic! This system not only streamlines the process but also significantly reduces the time spent at the actual closing. Here’s how it works:

· A few days prior to the closing, the borrowers receive an electronic copy of their closing documents through our secure client portal.

· Upon receipt, the borrowers should review these documents in case they have any questions or to notify us of any errors prior to the closing.

· The morning of closing, the documents that can be signed electronically are sent to the client portal to be electronically signed by all borrowers.

· At the closing, borrowers sign documents that require a “wet” signature. This includes the Note and other documents which require a Notary Public.

Sometimes borrowers are unable to be present for their closing and need to do it remotely. We have a couple of solutions for that as well. The first option is to have a mobile Notary meet with the borrowers to sign the closing documents in person. This can also be done in conjunction with the Hybrid closing mentioned above. This process is usually completed the day before the actual closing date so the Notary can overnight the original packet back to the title company or lender on or before the date of the closing so funds can be disbursed on time.

The second option is a newer process called Remote Online Notarization or “RON” Closing. In this online digital closing, the Notary and borrowers meet through an audio-video application, enabling the signing and notarization of documents in an electronic format. While the fundamental elements of this closing resemble those of any other closing, specific requirements must be met. These conditions typically include:

· Notary must be physically present and licensed in the state of the property

· The RON technology platform must offer multi-factor authentication and knowledge-based identification to verify the identity of the signers

· The RON platform must have the ability to scan a government-issued ID for the Notary to verify the identity of the signer and the validity of their ID

· Documents must be digitally stamped and tamper-sealed to prevent interference with the authenticity and security of the notarial ceremony

· The notary must keep a video recording as well as an electronic journal as backup files of the notarial ceremony. These must be kept for a period specified by the state law (if not specified, the standard is 7 years)

Please Note: Not all the states allow for RON closings, and each state has its own laws regarding them. Be sure to check with your lender, title company, and attorney to determine if this is a feasible option for you.

Team Lasson is here for all your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started. We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!