Remote Closings

Remote closings are a convenient way to close on your new home loan at your place of work, coffee shop, hotel lobby (if you’re traveling), or even at your families kitchen table. Remote closings have been around a little longer and are now available pretty much everywhere and could mean more than added convenience for consumers
 
There are ways a Remote Closing can be carried out: Here are examples of two types of Remote Closings.
 

1. Utilizing platforms like:  Notary Rotary, 123notary, Snap Docs, NNA Signing Agent or Notary Café. These platforms simplify the closing by coordinating the entire process including document exchange and communication between signing agent (aka) Notary Public & Closing Coordinators.

• When the closing is scheduled, the requester of the remote closing, usually your Realtor, Escrow, Title or Loan Officer and sometimes your Attorney, lets Title Company know where the buyer wants to close.
• Person coordinating the closing calls the borrower to request an out-of-office closing any time during the mortgage process but mostly within a few days of the closing.
• Sometimes the title company will learn that the closing must take place remotely the day of, in which case they can usually scramble to make it happen and calls a Certified Notary Public in the area in which the

Remote closing is to take place of the borrowers choosing.

1. Mail Away Documents
   1. The term “mail-away” is title company jargon: it means that a title company employee sent loan documents by overnight courier to a borrower and instructed him or her to find a Notary Public to notarize several of the documents in the package.
   2. One reason that notaries receive more of these calls is because it is one way for title companies and lenders to reduce their costs on loans and or the borrower chooses a Remote Closing by finding their own Notary to facilitate the closing.  Borrowers are getting savvier about how to bargain on their loan costs and may insist that the title companies or lenders take the Notary Signing Agent fee off of the settlement costs and let them find notaries on their own. This demand will usually reduce closing costs.
   3. In either situation, as mentioned above borrowers usually are instructed via letter or email to locate a Notary as soon as possible to Notarize these time-sensitive documents. In this case borrowers are responsible for returning the documents to the title company in a timely manner. Also, borrowers pay Notaries for the work performed; there is no interaction between the Notary and the title company.

 
Ask your lender, Realtor, or Title Company for recommendations early on in the process on how to find a Mobile Notary to facilitate the signing of your loan documents at your convenience.  Then all you have to do is pick a perfect place for you to close on your new home—your way.

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