Digital Mortgage and Title
What is an eClosing ?
An eClosing is the act of closing a mortgage loan electronically. This occurs through a secure environment in which one or more required closing documents are accessed, presented, and signed electronically (digitally).
How do I find a Title Company that performs eClosings?
The MISMO e-Eligibility Exchange provides information on Title Companies that insure eClosings and is a great source to find Settlement Agents that perform eClosings. This tool is free to all Innovation Fee Payers and MISMO Members.
Click to access the MISMO e-Eligibility Exchange
eClosing Adoption | How do we help it grow? | |
1/3 of the Title Companies offer RON and the industry expects that to be over 50% by the end of 2023. | Lender Requests are the biggest driving factor of Title Companies adopting RON. |
What happens during the eClosing process?
- At Closing, the Settlement Agent instructs the Borrower(s) to access the documents that are to be signed digitally via the closing system.
- Borrower(s) electronically confirm they are opting into the eSign option
- Borrower(s) apply their signature electronically to one or more documents
- For the eNote, when the closing system confirms all required signatures are complete, it “tamper seals” the eNote, and sends a copy to an eVault to be registered on the MERS® eRegistry