Mortgage closings are coming into the digital age as transactions are going paperless with e-signatures accepted at the Federal level.
“In an electronic age, mortgage closings stand out as particularly cumbersome transactions. Come closing day, hundreds of pages of paper land in a thump before the borrower, who must then physically sign and initial them in dozens of places. While the technology for paperless closings has long been available, few lenders have adopted it. But they now have new incentives to do so, which will mean a faster, more-streamlined process for borrowers in the next few years. A couple of developments are driving lender interest. First, as of August 2015, new consumer protection rules will require mortgage lenders to provide loan applicants with certain disclosures — like an estimate of settlement costs — within three business days after application.” Source: The New York Times article: “Sign on the Digital Dotted Line” by Lisa Prevost, April 17, 2014.