According to lenders and homeowners, the traditional in-person signing system has long been riddled with inefficiencies. Moreover, traditional techniques for completing in-person signings are not without their challenges; they have only become more apparent in recent years as digitization has increased in an increasingly tech-forward environment.
Because of its ease, cost savings, and enhanced borrower experience, In-person electronic notarization (IPEN) is swiftly gaining favor with lenders, title agencies, and settlement businesses across the sector. IPEN permits a signer and notary signing agent to apply the signer’s electronic signatures to digital documents in the same location. The notary signing agent can then eNotarize the documents without using any paper.
IPEN allows for increased security, accountability, and availability for all parties involved in eClosings, and, based on the vendor, can be adopted more quickly than other systems on the market. Additionally, with simple, comprehensive eClosing options, an IPEN solution helps streamline closing operations and minimize loan lifecycles while providing value to the borrower experience.
The use of IPEN technologies in eClosings eliminates the need for actual paper documentation, but the in-person relationship that many borrowers, title firms, and signing agents cherish remains. In addition, implementing an IPEN solution will position lenders and title agencies for simplified efficiency throughout their business, particularly when margin compression is strong and closing volume is low.
With IPEN, Lenders can use eClosings without having to convert their existing operations to new software, saving time and money in the post-closing quality control process. To read more about IPEN and the different offerings available to lenders to benefit their business, click here.
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