TMCnet News
Notarize for Mortgage Makes Dream of Online Mortgage a RealityNotarize, the first digital platform to legally notarize documents online, today announced Notarize for Mortgage, the first platform to enable an entirely online mortgage closing process. With the launch, Notarize has successfully completed the first-ever online mortgage closing in partnership with lender United Wholesale Mortgage (UWM) and Stewart Title. Verified by Fannie Mae and Freddie Mac, the Notarize for Mortgage platform digitizes the entire closing process with technology to securely coordinate lenders, title companies and borrowers online. Five leading mortgage lenders, including UWM, Lenda, Mid America Mortgage, Eagle Home Mortgage, and WEI Mortgage LLC, have signed on to bring the industry into the digital age - enabling borrowers to close online whenever and wherever they choose. Online closings will first be made available only to borrowers in Washington, Virginia, Illinois and Montana. Notarize plans to expand across the country and today announces a strategic partnership with UWM, the nation's No. 1 wholesale lender and one of the 10 largest mortgage lenders overall, eventually making Notarize for Mortgage available to UWM's network of more than 6,500 brokers nationwide. "It is great to be first to market with this e-closing technology because it enables our network of mortgage brokers to be leaders in the industry," said Mat Ishbia, President/CEO of UWM. "This ultimately eliminates the traditional closing table, as borrowers can close a loan at their own convenience, from anywhere and at any time." In 2000, the U.S. Congress passed a law allowing mortgages to be executed electronically. However, only approximately 5,000 of the nearly 10 million mortgages in 2016 were completed digitally - borrowers signed electronically, but were still required to meet with a notary in person. "Tech savvy consumers, particularly millennials, are used to a world where online transactions are commonplace," said Marvin Stone, Senior Vice President of Business Integration for Stewart Title. "When buying a home, it's only natural they will expect the same online convenience, security and speed for their mortgage closing process. Stewart has a long history of innovation focused on improving the customer experience and Notarize ofers a key element. We're proud to be associated with Notarize." The broad adoption of eMortgage has been stalled without a digital, online closing experience. Solutions available today allow a borrower to sign on a tablet with a stylus instead of on paper with a pen, but still require people to travel to meet for the closing and lack the convenience borrowers expect and efficiencies the mortgage industry requires to fully digitize their operations and go electronic. Notarize for Mortgage digitizes the entire eMortgage process and is:
Partners throughout the industry are embracing Notarize for Mortgage to improve borrowing and lending efficiencies, including warehouse lender ArcLine and mortgage servicer Mid America Mortgage. Notarize has been verified by both Fannie Mae and Freddie Mac for eNotes, eClosing and eVaulting. Digitizing the mortgage process gives the secondary market, which purchases most mortgages, greater trust and visibility into the provenance of mortgage documents and accelerates the sale, which achieves the following:
"Freddie Mac is focused on innovation as a medium to help lenders achieve their goals around efficiency and deliver a better customer experience. We see the digitization of the mortgage process as one way to reduce errors, speed the closing process and offer a complete solution to consumers. Lenders have long sought the digital mortgage, and today the industry takes a big step forward with Notarize's closing of the first ever fully online mortgage with electronic documents. With the vast majority of counties now accommodating eRecording of mortgages and more states adopting electronic notarization, we're seeing a transformation across the industry. Freddie Mac intends to continue to support the digital mortgage space." - Samuel E. Oliver III, VP of Strategic Delivery for Freddie Mac's Single-Family Business. "We launched Notarize 19 months ago on the premise that notaries were required for the most important transactions of peoples' lives, and yet there wasn't an online notary solution," said Pat Kinsel, Founder and CEO of Notarize. "Buying a home is often the most important transaction someone makes. The fact that only a fraction of one percent of the 10 million mortgage closings executed in the U.S. in 2016 were eMortgages, was a clear indicator that the industry lacked the right solution. Our partners are validating that Notarize's online mortgage closing platform is the digital solution the industry has been waiting for before adopting eMortgage. Beyond a fundamentally better borrower experience, Notarize provides all parties full visibility into the process, while reducing fraud, errors, cost and frustration." "Today people shop for a home, take a virtual tour, and apply for credit online," said Adam Pase, co-founder and COO of Notarize. "Being able to purchase a home online has long been the missing link and we're proud to make it a reality with our strong network of partners." About Notarize Notarize is the first notary public platform allowing any person or business to get their documents legally notarized online. Notarize is also the first company to enable an entirely online mortgage closing process. Founded in 2015, Notarize has helped tens of thousands of individuals and businesses (on every continent, except Antarctica) get documents digitally notarized. For more information, visit www.notarize.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170809005732/en/ |
