These closings are done exclusively by the title/escrow company and their employees. The only third party involved is the notary for the limited POA. After escrow receives the POA, a company employee conducts the closing directly directly with the borrowers by use of a secure electronic data interchange and video conferencing.
The documents are all signed electronically, there are no paper documents signed by the borrowers, any documents requiring notarization are signed by the POA at escrow company and notarized by a company notary public. This is why this is a serious threat to the signing agent industry because it eliminates any signing agent involvement. In short, no loan package sent, no loan package signed, no loan package returned. The electronic document loan package is online and explained by escrow agents at the company. |
