An Inside Look at Closing Your Home Loan Remotely

Home Buying

Ever wonder what it’s like to close your home loan remotely? Is it easy and convenient? How do you prepare?

We interviewed Jeanne Hussin, our Vice President, Director of Marketing, who happened to be our first customer to complete a closing with eNote and a remote online notarization (RON) session. She gives us the scoop on what it’s like to close a home loan remotely along with some helpful advice. Her loan officer Matt Zender in our Bellevue branch also offers some insights and tips.

Before we get to the interview, here’s how a remote closing works.

First, if your home loan is eligible, you’ll participate in an eClose. This process allows you to preview and eSign a majority of your closing documents from any internet-enabled device. In Jeanne’s case she was also eligible to eSign the promissory note or Note. This is called an eNote. Typically, you physically sign the promissory note.

Second, some closing documents require meeting with a Notary either in-person or virtually. To meet virtually with a Notary, you’ll use a process called remote online notarization (RON). Not all loan types are eligible and RON isn’t available in all states, so check with your lender to see if this is an option.

If RON is an option for your home loan, you’ll meet with a Notary over a video conference session. You’ll receive an email with a link ahead of time and log into the session. The Notary will verify your identification and apply a digital signature and seal to your closing documents. Allowing you to complete your closing remotely!

Ready to get an inside look at a remote home loan closing? Check out our interview with Jeanne and her loan officer Matt.

Q: Can you describe the process of meeting with a Remote Online Notary? Did you engage in a video call on your phone, computer, etc.? How did you identify yourself?

Jeanne: It was incredibly fast and easy! It took far less time to do than an in-person closing. We needed to scan and upload our driver’s license and upload a selfie to identify ourselves. We did that on our phones. The only thing that surprised me was that my husband and I had to video call on separate devices because we eSigned separately. We were both home and used our laptops for the experience. The notary invited us to read through each of the pages or we could just sign. It took about 5 minutes from beginning to end.

Q: How did this home loan closing compare to any previous closings?

Jeanne: With everything being online, the process was so much faster! It was convenient and ideal especially during this time of social distancing.

Q: What was the biggest benefit with using an eClose and RON session?

Jeanne: The biggest benefit was the convenience of signing at home and without having someone come into our home.

Matt: I’ve found that my customers experience a smooth and quick closing as a result of eClose and RON.

Q: Would you prefer using a Remote Online Notary and eClosing in the future? After social-distancing?

Jeanne: Absolutely. I’m all about saving time and money. This saved time, gas, and worked within our schedules. There was absolutely no down-side to doing this.

Q: Do you have any advice for other customers about the eClose or RON process?

Jeanne: Just do it! You’ll never go back to the in-person method! Make sure that you have a high-speed internet connection and read your documents in advance so you are prepared to sign quickly.

Matt:  Keep track of your passwords so that when it’s time to sign you’re ready to go.

Interested in learning more about remote home loan closings? Contact a loan officer near you for more information.

 

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