Solution of the Month

We have the great privilege at Silk to work with thousands of unique borrowers each year—corporate executives, small business owners, parents juggling personal finance management with packed kids’ schedules, etc. But among all these, there is one common denominator that we see time and time again: our clients are busy people. This is why the team at Silk is so focused on being as flexible and efficient as possible, so that our borrowers can continue managing their regular schedules seamlessly throughout the closing process. Today, we outline one such example from one of our clients.

Background: The Silk team was working with a lender and borrower on a refinance that was originally scheduled to close on a Monday. Just before the close date, the borrower requested a few changes related to escrows and the amount that would be required for closing. These changes resulted in the lender having to delay closing to accommodate the changes.

Problem: The closing was rescheduled for Wednesday which presented a logistical problem for the borrower. He had a flight for a business trip already booked for Wednesday and he would be busy in work meetings as soon as he landed.

Silk’s Solution: Realizing the borrower had limited time to attend the closing and sign documents on Wednesday, Silk worked together with the lender to flip the file to a hybrid eClosing instead of a traditional closing. Because a hybrid eClosing incorporates both electronically signed and ink signed documents, flipping this file to a hybrid allowed the borrower to get digital access to a majority of the closing documents at midnight on the day of closing. (Learn more about Hybrid eClosings here.)

Impact: The borrower in this case was able to electronically sign all documents that didn’t require notarization much earlier in the morning before the closing agent even arrived. He then had to spend just ten minutes signing physical documents at the official closing time before he was out the door to catch his flight. The flip to hybrid eClosing saved the borrower time and allowed him to maintain his work schedule while still fulfilling all requirements to get his loan closed.

Is your team utilizing hybrid eClosing? Do you have a challenging file that needs a solution? We are here to help explore all possible options. Contact

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