What is the eClosingRoom solution?
The eClosingRoom solution simplifies the real estate transaction and closing process by employing the industry's leading technology to improve the experience for home buyers and sellers, as well as reduce the number of days from contract to closing.
The eClosingRoom fully integrates with SureClose® online transaction management system so that home buyers and sellers can access all their closing and upfront documents online, review them and electronically sign most documents prior to their actual closing at a time and place convenient for them.
What are the benefits of using the eClosingRoom?
- Electronic delivery of signed loan documents sent directly to SureClose
- Faster, more efficient real estate transactions with drastically reduced contract-to-closing times
- More convenient closing process for home buyers and sellers
- Improved communication between all parties involved in the transaction utilizing SureClose
- Fewer documents to sign and review at closing
- No hefty paper documents to take home and store–receive a copy of the entire signed closing package on a CD or other media immediately after closing
- Potentially less paper-related costs for copies, faxing, couriers, FedEx®/UPS™, etc.
What type of documents can be eSigned?
Our revolutionary technology allows you to electronically sign virtually any typical real estate closing document or loan package with just a few clicks and one signature.
- For general disclosures and those documents that do not require notarization or witnessed signing, consumers are able to electronically “click-to-sign” their documents any time prior to a physical closing, significantly reducing the number of documents to be signed at the closing
- For those documents that require notarization, the notary must authenticate his or her physical presence at the same computer used by the consumer before the consumer is able to e-sign those documents
- Notaries can sign-in and electronically notarize the signed documents individually or batch-notarize an entire package
- Consumers provide their handwritten signature and/or initials at the end of the closing process through a one-time signature capture process
Various state, county and jurisdictional requirements may limit or restrict some eSigning, and some notaries may not have the necessary devices to electronically notarize certain documents.
How many documents in a closing typically require a notary/witness signature?
Depending upon the type of real estate transaction (refinance versus purchase, residential versus commercial, etc.) and/or respective state, county or jurisdiction, the entire closing package may consist of a large number of documents to be signed. However, only a small subset of these documents actually requires a notary/witness signature. As a rough estimate, typically less than one third of all documents involved in a real estate transaction require a notary/witness. By providing the capability to electronically sign the majority of the closing package prior to closing, both the number of documents to be signed and the amount of time spent at the actual closing is significantly reduced.
How secure are eSignatures and eClosings?
Access to the SureClose eClosingRoom is user ID and password protected, so only authorized users can access accounts hosted on our server. PKI and other encryption technologies tamper-seal the signed closing documents and provide validation that nothing has been altered. If anything in the document changes – even a comma – the signatures become invalid. SureClose and the eClosing Room maintain an electronic trail of the entire online closing process, so all authorized parties can view every step taken in the online transaction – the screens viewed, the clicks made, the signatures applied – all dated and time-stamped. Further, all buyers and sellers will still appear in person (either at a closing office or other location) before a closing professional and/or notary for traditional verification of identity and for the final witnessing of any remaining closing documents.
What do home buyers and sellers receive at closing?
Home buyers and sellers can leave the closing with a CD filled with electronic copies of all their documents and other information stored and managed in SureClose, as well as a URL address to access their SureClose account where they can view their documents at any time after the closing or in advance of their next real estate transaction (such as a subsequent refinance or purchase).
Are eSignatures legal in all states?
As stated in State UETA (Uniform Electronic Transactions Act) and Federal E-SIGN legislation, “eSignatures” and “eRecords” may not be denied legal enforceability solely because they are in the electronic format. There may, however, be other state, county or jurisdictional requirements or restrictions which need to be addressed or complied with.
How many counties can accept eRecorded documents?
The number of counties throughout the United States facilitating some form or level of electronic recording of real estate public land records has increased significantly over the last several years. Many will soon have the capacity to provide electronic filing of real estate land records. Some already support the electronic filing of lien releases, mortgage satisfactions and/or reconveyances.