Plaza Home Mortgage, Inc., one of the nation’s leading wholesale and correspondent mortgage lenders, announced that the company will now accept full eClosings on all conventional Fannie Mae and Freddie Mac eligible loans originated in jurisdictions that permit them.
Full eClosing will be available across all of Plaza’s channels – Wholesale, National Correspondent and Mini-Correspondent. The fully digital process eliminates the need for “wet” signatures and face-to-face closing appointments as all documents may be eSigned and eNotarized, including the note and security instruments. eNotes are authorized in all 50 states and the District of Columbia and more than 40 states currently accept remote online notarization (RON.)
With the full eClosing, settlement agents can send borrowers their closing documents electronically one to two days before the closing date. This allows the borrower time to review the documents, ask questions and then eSign in a recorded audio/video session with a RON-certified notary.
eClosing will enable Plaza clients to offer their borrowers a more convenient, safer closing alternative. The digital process also reduces processing costs and will, over time, streamline closings and accelerate funding.
“Our full eClosing option provides a complete digital experience for both our clients and their borrowers,” said Mike Fontaine, chief operating officer and chief financial officer of Plaza Home Mortgage. “Simply stated, it’s an enhancement that helps transform loan origination, especially given the necessity of moving to an online, remote experience in our current environment.”