When it comes to hybrid eClosings, there is a lot of confusion. Allow us to debunk common myths and explain why offering hybrid eClosings is a big win for your organization.
Myth #1: All files must go fully digital for closings.
Fact: A hybrid eClosing by definition offers flexibility. The lender or investors can decide which documents can be electronically signed giving the borrower plenty of time to review and ask questions. The notary can then provide only the required wet sign documents in person.
Myth #2: It is difficult for the borrower.
Fact: If you use electronic disclosures, your borrowers have been skilled in the fine art of electronic signatures.
Myth #3: It will take operational capacity from the lender to implement.
Fact: Hybrid eClosings actually lessen the load. There will be less time spent working with borrowers on errors from the signing table and less time spent on the post-closing QC on the lender side due to less errors… allowing for more production with the same amount of team members!
Myth #4: There are limitations on what can be eSigned.
Fact: Any document that does not require a notary can be eSigned.
Myth #5: Setting up a hybrid eClosing requires a lot of technology and training.
Fact: The hybrid platforms already exist and are already integrated with multiple document providers. More often than not, it is just a matter of the lender getting set up on their best-suited platform. Through our experience, the platforms are extremely user friendly for both the lender and the borrower and require minimal training.
To learn more about offering hybrid eClosings to your borrowers, reach out to your Silk Title Co. representative or contact us today.