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E-mortgage and digital lending company eOriginal announced in a press release the availability of a newly developed solution for preclose activity as part of its Closing Center 2.2 product.
“Preclose” is the term for the transaction phase that involves assembling everything needed for a smooth close of escrow. It often reveals and aims to solve any last-minute concerns about deal integrity.
Closing Center’s Preclose starts with the lender providing access to the borrower for review and online signing of eligible documents via a web portal. Executed documents are then reviewed by the lender for approval, and documents that remain unsigned are included in the final closing package for safe in-person or curbside closing.
The intent, as with many digital closing efforts, is to minimize superfluous person-to-person contact and speed up the document-heavy closing process as a whole.
All preclose activity is mobile-ready as well, allowing users to review and approve from anywhere. EOriginal’s software supports fully electronic eNotes, hybrid and even traditional paper-based closings, as well as remote online notarization (RON)
Fully digital real estate deals took a huge leap forward in the last six months under the pressure of keeping business alive during a global pandemic. A wide range of software providers grew quickly, as did RON providers and the concept of curbside closings.
Electronic closings add value in a number of ways, from reducing manual data input errors to greatly enhancing privacy, data security and aiding in the reduction of wire fraud when integrated. They also make the process much easier to track and record than traditional manual handling.
EOriginal is one of the oldest providers of e-mortgage services and software. In April, it closed on a partnership with Guild Mortgage to enhance its digital closing offering.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.