Company claims California's first e-mortgage closing

February 6, 2006

Real estate loan closing used digital signature


Inman News

The first electronic notarization and electronic mortgage closing in California took place this month in Orange County, according to NotaryPro, the company that facilitated the transaction.

Irvine, Calif.-based NotaryPro coordinated what it called "the first electronic home equity mortgage closing" in the state on Feb. 1, using DigaSign, a device that makes it possible to sign digitally at occasions such as real estate closings using a special inkless pen and what is known as a biometric pad.

Secured Funding recorded the electronic warranty deed and security agreements utilizing U.S. Recording, which officially filed with the Orange County, Calif., recorder of deeds, NotaryPro said.

Working with DigaSign, NotaryPro provided the technology platform for the event. NotaryPro captured the borrower's initials and signature on a biometric pad which transports the electronic data of initials, signatures and acknowledgements, applies it to the entire loan document package, inserts the electronic notary signature and electronic seals and then encrypts all data in conformity with federal and state law.

"Utilizing the DigaSign platform allowed NotaryPro to complete the mortgage closing in one-third the time of a traditional paper closing with zero errors," claimed NotaryPro's Executive Vice President of Sales and Marketing, Kelly Fidel.

Fidel claimed that by using DigaSign, her company was able to compress the mortgage signing process about four days, allowing the borrower to fund and record faster. Field claimed that this provided the lender with efficiencies and cost savings not available in a paper closing.

According to NotaryPro, the partnership between Secured Funding, NotaryPro and World Wide Notary – the company behind DigaSign – provides the tools to complete what the company described as the first electronic home equity mortgage in California.

DigaSign complies with security and compliance procedures set forth by the Secretary of State in California for the electronic notary seal and electronic signature, which, according to the company, is as legally binding as a handwritten signature.

Copyright 2006 Innam News


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.