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Well, maybe not quite, but the big news is that United Wholesale Mortgage (UWM) recently closed their first, all-digital mortgage transaction. Yup, all digital, no wet signatures required.
Using the new UWM technology, a borrower can execute all documentation, including legal documents, using WIFI to access a computer, or mobile app, to FaceTime the closing agent, and notary.
In the recent case, UWM partnered with Notarize, based in Arlington, VA., which provided the digital platform to legally notarize the docs.
No need for everybody to meet at a certain time at a predetermined location. Loans can be closed anywhere, anytime from the comfort and convenience of the borrower’s and seller’s homes. Wherever that may be!
No more sitting at the table leafing through and signing reams of paper. Borrowers can review docs in advance and be prepared to immediately digitally sign to expedite the closing process.
The downside is that it takes away the personal interaction between the lender, Realtor, buyer, seller, and closing agent. Like most online transactions, it’s a little cold and impersonal.
The question is: “Do all recording centers in all states have the capability to accept, record, and store digitally signed documents?” For those that don’t, the old “group sit and sign” process will need to continue.
Not so bad, maybe people will actually interact and talk with each other. Wouldn’t that be nice? Or, maybe they’d still text each other while sitting at the table.
Once again, technology had advanced the process, eliminating the need for brick and mortar closing centers. Here comes one more empty space in the shopping center or office building.
What’s your take?
- Will consumers embrace the new technology allowing them to close from home?
- How long it will be before all recording offices can and will accept digitally signed docs?
- Is there sufficient security to protect a digital transaction done online?
- When will we forego signatures and use a retina scan or fingerprint to seal the deal?
- In the long run, could this benefit or ultimately hurt lenders and closing agents? (Think about it)
Get ready to tune into your next closing.
Editor’s Note: Buck Rogers is a science fiction hero created in 1929 and was a 20th-century astronaut who emerges out of 500 years of suspended animation into a future time to become Earth’s greatest hero. The character re-emerged in the late 1970’s and paralleled the development of space technology in the 20th century and introduced Americans to outer space as a familiar environment for swashbuckling adventure.
For the record: Mike Vitali was not yet born when the Buck Rogers was first created.
