The technology is initially available in Illinois, Montana, Virginia, and Washington
.jpg)
United Wholesale Mortgage has launched its virtual e-closing experience, announcing that it completed its first e-closing on July 28 with borrowers in Chicago.
With e-closing, borrowers do not need to leave their home or physically sign any document to complete a full mortgage transaction.
"This is a revolutionary time for borrowers and independent mortgage brokers, as we're taking convenience in the mortgage process to a completely new level," said Mat Ishbia, president and CEO of United Wholesale. "The days of being bombarded with reams of paper at the closing table are over. Giving borrowers the ability to close a loan whenever they want, whether it's at 11 a.m. or 9 p.m., will have an incredible impact on the entire experience. Independent mortgage brokers will have an even stronger competitive advantage over retail competitors and large banks."
The company’s e-closing technology eliminates the in-person contact with a notary required in previous versions of e-closings. Before, a borrower needed to e-sign closing documents via a shared tablet in the presence of a notary. Borrowers can now complete the closing while using a computer or mobile app to make a video and audio call with the notary to sign all documents, including the promissory note and mortgage.
The company said the technology is initially available to brokers in Illinois, Montana, Virginia and Washington state, and it plans to expand throughout the year. United Wholesale said that legislative rules on notarizing documents are holding back the expansion to other states. The technology currently applies only to refinance loans and is limited to mortgages with a maximum of two borrowers.
The company partnered with Arlington, Va.-based Notarize, a digital platform for legally notarizing documents online, to execute its first online mortgage closing. With the technology, United Wholesale seeks to help its independent mortgage broker network to compete with large banks and mega retail lenders.
Related stories:
Mortgage advisors still favored in digital world
Nation’s largest lender finally hops on digital-mortgage bandwagon
With e-closing, borrowers do not need to leave their home or physically sign any document to complete a full mortgage transaction.
"This is a revolutionary time for borrowers and independent mortgage brokers, as we're taking convenience in the mortgage process to a completely new level," said Mat Ishbia, president and CEO of United Wholesale. "The days of being bombarded with reams of paper at the closing table are over. Giving borrowers the ability to close a loan whenever they want, whether it's at 11 a.m. or 9 p.m., will have an incredible impact on the entire experience. Independent mortgage brokers will have an even stronger competitive advantage over retail competitors and large banks."
The company’s e-closing technology eliminates the in-person contact with a notary required in previous versions of e-closings. Before, a borrower needed to e-sign closing documents via a shared tablet in the presence of a notary. Borrowers can now complete the closing while using a computer or mobile app to make a video and audio call with the notary to sign all documents, including the promissory note and mortgage.
The company said the technology is initially available to brokers in Illinois, Montana, Virginia and Washington state, and it plans to expand throughout the year. United Wholesale said that legislative rules on notarizing documents are holding back the expansion to other states. The technology currently applies only to refinance loans and is limited to mortgages with a maximum of two borrowers.
The company partnered with Arlington, Va.-based Notarize, a digital platform for legally notarizing documents online, to execute its first online mortgage closing. With the technology, United Wholesale seeks to help its independent mortgage broker network to compete with large banks and mega retail lenders.
Related stories:
Mortgage advisors still favored in digital world
Nation’s largest lender finally hops on digital-mortgage bandwagon
