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!
Michael Lasson
Senior
Loan Officer
NMLS #:
493712
First State Bank Mortgage – Michael Lasson
2751
Bagnell Dam Blvd Suite B
Lake
Ozark, MO 65049
Direct: (573) 746-7211
Cell: (573)
216-7258
e-Fax: (866) 397-0318
Email: mlasson@fsbfinancial.com
Website: www.yourlakeloan.com
**The
postings on this site are my own and do not necessarily represent First State
Bank of St Charles’s positions, strategies, or opinions.
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