Industry News, Technology update
Thursday, August 10, 2017
North Carolina has been at the forefront of eMortgage and eClosing transactions, and Thursday saw the state at the center of another milestone.
The state’s first eMortgage purchase transaction was completed Thursday, with North State Bank; Brady & Kosofsky, PA; DocMagic; Simplifile and World Wide Notary working together to close the deal. The entire process took 46 minutes.
The loan was originated by North State Bank, and closed by the Matthews, N.C.- based law firm of Brady & Kosofsky, the company said in an exclusive announcement to October Research, LLC. Technology used in the transaction was supplied by DocMagic, Inc., World Wide Notary, LLC., Ramquest, LLC and USPROSERV, LLC, while eRecording was provided by Simplifile.
“The closing itself represented the future of the industry,” partner Jaime Kosofsky said.
The closing came in conjunction with a special event hosted by the North Carolina Department of Secretary of State. The event introduced a newly formed North Carolina Electronic Mortgage Closing Advisory Committee, and four of those members participated in the closing Thursday.
The buyer and seller each executed the closing instruments and financing documents with a biometric signature pad, Kosofky said, which helps protect parties from fraud and forgery. The use of electronic signature and notary technology, coupled with the robust legal framework provided by North Carolina state law, makes it possible for lenders to make safe loans within the guidelines of the new TRID guidelines.
The homebuyer was at the Keller Williams office in Mooresville, N.C., and the eSigning agent – who is an eNotary – was present, along with the real estate broker. The closing attorney, who was at the Matthews office 45 miles south, was present via video to preside over the transaction. The register of deeds office is 55 miles away from the Matthews office in Statesville, N.C.
The seller signed the closing materials via signature last week before leaving town.
Among the principal individuals involved in the transaction were:
Ken Sykes, Kelly Arrington and Jamie Harrington from North State Bank. Harrington was the loan officer, and she completed her second eMortgage transaction Thursday.
Jeff Bode of Mid America Mortgage, whose company acted as the investor for the purchase.
Mona Mohajerani, who acted as the closing attorney, and Brady & Kosofsky Executive Operations Director Esther Fernandes, along with eSigning agent Patricia Paxton.
Secretary of State Elaine Marshall and Director, Electronic Notarization and Notary Enforcement Ozie Stallworth, who founded the eClosing pilot program in North Carolina.
Jason Streit, president at World Wide Notary, along with the rest of the technology providers involved.