For a borrower residing in Dubai, United Arab Emirates, closing on a real estate transaction for a property in Texas presented several obstacles to overcome. Being 8,000 miles apart and spanning multiple time zones, items at the top of the list included scheduling a notarization appointment with the embassy and getting closing documents delivered in a timely manner. Thanks to recent legislative changes that opened the door for Remote Online Notarization (aka “RON”), these obstacles were quickly dismissed. Through this innovative technology, Republic Title and Fairway were able to provide an alternative closing experience that was both convenient and expedient.
RON is a new, technology-driven notarial process that allows the signer to appear before the notary over a live audio-video feed while executing digital documents. Additionally, all closings are recorded to provide a verifiable transaction record for security and compliance purposes. In this scenario, the Title Company, Lender, and Borrower were able to connect virtually through a secure, online closing room where closing documents were uploaded. The closer and signer met and returned fully-executed, compliant documents within an hour. Without RON, this process would have taken several days and added expense.
With the closer being located in Plano, Texas and the borrower in Dubai, United Arab Emirates, RON was the key ingredient to bridge the gap across continents and time zones. The borrower was able to close comfortably from their place of business without the need for an appointment with the embassy or worrying about having to leave work to go to a physical signing.
“Full eClosing is new to the mortgage and title industries and is a game changer for busy professionals. It is exciting to partner with a title company that understands the importance of offering leading edge technology and solutions. Kudos to the teams at Fairway and Republic Title for a seamless full eClosing for my borrower,” said Kristy Osborn, Senior Loan Officer with Fairway (NMLS #999896).
“With the adoption of RON, we are able to take Republic Title’s unrivaled customer service to the next level by increasing the efficiency without losing the face-to face experience to which our customers are accustomed to. It’s the advantage of using the latest technology while still maintaining that personal touch.” said Robin Riggs, Vice President/Escrow Officer with Republic Title’s eVolve digital settlement and signing services division.
The transaction that took place is really just the beginning. Title agents are now able to streamline the residential mortgage closing process, delivering unparalleled serviceability to home buyers and sellers throughout the U.S. “Title plays a critical role in the adoption of RON and it is equally important to have a lending partner that sees the added convenience this technology brings to the real estate life cycle,” said Dennis Pospisil, Senior Vice President/Digital Settlement and Signing Services with eVolve, Republic Title’s digital settlement and signing services division.
eVolve is Republic Title’s newest digital settlement and signing services division which provides an alternative closing experience for sellers, buyers and real estate agents. eVolve’s approach is to provide a completely digital real estate closing process from start to finish, through the delivery of title and escrow services by way of secure collaboration and Remote Online eClosings.
eVolve has been operating in the Dallas/Fort Worth, Texas market for the past 12 months and will allow Republic Title to handle digital transactions in every major market in Texas (including Austin, San Antonio and Houston).
Sources: Republic Title eVolve and Fairway Independent Mortgage Corporation