US Treasury Department Supports the Expansion of e-Closings and e-Notarizations in Mortgage Industry
Industry publications are reporting that after a period of research and review the US Treasury Department is encouraging lenders and states to pursue e-closing and e-notarization technology to make residential mortgage transactions more convenient for consumers.
The American Land Title Association (ALTA) also released a statement today indicating that its leadership recently met with Treasury officials to assist them in their evaluation of e-closing technology and its impact on consumers.
The focus of regulators has been on data integrity and security, document formatting and recordability, identity protection, and anti-fraud measures to ensure the closing process is not corrupted by users of the new technology.
Industry leaders such as DocMagic have been slowly gaining market penetration with e-closing software but the learning curve has been steep for some lenders and closing professionals. Many professionals have heard of it but few have actually conducted an e-closing or supervised an e-notarization.
There is no doubt however that e-closings and e-notarization are a big part of the future growth of the mortgage lending industry.