Scalable solution enables end-to-end online closings for joint customers
eOriginal, Inc. and Notarize, Inc. are pleased to announce a partnership to accelerate the transformation of the mortgage industry. Through the integration of best-in-class technologies, the companies have connected solutions to enable lenders to provide an end-to-end digital mortgage that eliminates the traditional paper-based, in-person closing table.
With its launch of Notarize for Mortgage, the company’s proprietary signing and remote notarization platform, Notarize recently completed the first-ever online mortgage closing. By integrating directly with eOriginal’s electronic vault, they enable lenders to leverage a joint solution that takes only a few short days to set up and launch before borrowers can start closing loans online. Together, Notarize and eOriginal allow lenders to quickly provide a seamless digital experience spanning the entire closing process all the way through registration with MERS (Mortgage Electronic Registration System, Inc.) and sale into the secondary market.
For eOriginal, the partnership occurs only days after launching Fannie Mae’s next generation electronic vault. The launch included moving billions worth of assets (eNotes) onto its hosted platform to enable the secure management of these digitally signed eNotes throughout their lifecycle. By utilizing eOriginal’s hosted solution, Fannie Mae will accelerate deployment, reduce costs and further establish cloud-based/vendor-hosted solutions as an industry best-practice.
“The key milestones at Notarize and Fannie Mae prove that digital mortgage is no longer just an innovative concept; it is rapidly becoming the new reality,” said eOriginal’s CEO Brian Madocks. “We are providing core elements for this digital transformation by partnering with innovators like Notarize, whose customer traction and online closing demonstrate they have the technology, user experience and developer tools that lenders have been seeking.”
“With the first-ever online closing, we’ve catapulted right past hybrid closings or any other experience that requires someone to travel to the closing table. We’ve developed an entirely online closing process for all parties,” said Jennifer Parker, GM Mortgage Solutions at Notarize. “By collaborating with eOriginal, we have enabled a fundamentally more efficient borrower experience that provides all parties with full visibility into the process, while reducing fraud, errors, cost and frustration. eOriginal is the ideal partner to help make online closings the new standard. Their selection as Fannie Mae’s eVault and deep experience in other financial industries give them the expertise and credibility to scale online closings with some of the country’s most prominent lenders.”
Connecting lenders, title agents, borrowers and notaries online 24 x 7 to digitize the closing process, the Notarize for Mortgage platform is approved by both Fannie Mae and Freddie Mac, underwritten by national title underwriters, and was launched with five lender customers and numerous warehouse lender and mortgage servicer partners. The platform is available to lenders online or via modern APIs that allow them to integrate an online closing process directly into their existing tools, automating their closing operations entirely. The result is reduced costs and fraud for the industry and creating a fundamentally more convenient, secure and verifiable experience for the borrower. The company also has led the initiative to pass new remote notarization legislation across the country and to clarify the acceptance of online notarizations and mortgage closings across state lines.
eOriginal’s platform of integrated solutions delivers a fully digital mortgage and supports every type of digital closing strategy. Available for both MERS and non-MERS loans, the platform has been vetted in mortgage, auto finance and lease, deeded vacation ownership and marketplace lending. It is accepted by the major rating agencies, issuers’ counsel, top lenders and investors in the secondary markets. The platform can leverage any loan origination system (LOS) or document preparation provider and is designed to be extensible as lenders complete their digital transformation.
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 http://www.notarize.com/mortgage.