Settlement Agents

Facilitating eClosings with no fee and no contracts TODAY

What is eClose assist? eClose assist allows for a limited amount of documents to be signed in the presence of the Notary or Settlement Agent with the remaining of the closing package to be electronically signed from the borrower’s home computer.

For any questions, email us at eClose@fairwaymc.com

Requirements

  • Borrowers must have a tablet, laptop or computer available to them in order to utilize this option. Fairway’s eClose team will contact borrower on signing/closing day to facilitate the eClosing portion. NOT smart phone enabled.
  • Electronic documents will be signed on same day as wet signed documents.
  • If you would like to move forward with an eClose assist, reach out to eClose@fairwaymc.com and provide the following information.
    Note: Include in email subject line “eClose Assist” and in the body of the email please include the items below:
  • Fairway Loan Number
  • Borrowers First and Last Name
  • Best Contact Number for Borrower
  • Settlement Agents Name and Email Address
  • Date and Time of Closing (Include Time Zone)

Frequently Asked Questions

Q: When will this be implemented?

Closing Center is live and ready to use for Express Close files now. See information on the Mortgage Tech page on the Intranet or reach out to: eclose@fairwaymc.com

Q: Are reverse mortgages considered specialty? ie: not yet available?

We have reached out to our partners at Ginnie Mae to confirm eligibility for Reverse HECM loans. Look for more information to come on status of this loan type

Q: Does ExpressClose require borrowers to close at title company?

Correct, with the Hybrid eClose the borrower will meet with the Settlement agent at closing just as they do today to review and sign both the digital and the wet signed documents

Q: Does the borrower have to review and accept docs prior to closing? I believe that is the process with Pavaso.

No, the borrower does not have to review and accept the documents prior to closing

Q: What about documents that need to be Wet Signed & Notarized? We have a handful of documents that needs this.

The wet signed and document requring notary are facilitated by settlement and excuted just as they are today, no difference with eClosing

Q: Does the buyer's attorney get an opportunity to review these documents with the borrower as well before the e-sign?

Yes, the attorney or settlement agent will be able to review all of the closing documents in the portal or in the closing package prior to settlement

Q: What wet docs are signed at the e-closing closing?

eSigned or digital docs is approximately 17-19 depending on state. Wet Signed docs: Mortgage/Deed of Trust, Riders, Name Affadavit, Right to Cancel, Patriot Act form, Mineral Rights (if applicable)

Q: Are the title companies easily able to print the wet-signed docs prior to the borrower arriving at closing?

Yes, settlement receives the wet signed documents as they do today and is easily able to print these documents prior to the borrowers arriving to closing

Q: You said we cannot use this on bond loans, correct? Will those be accepted in the future?

Yes, we are working with bond agencies to identify if they will accept Hybrid eClosings and the documents they allow to be digitally signed. We anticipate early 2020 as agencies adopt

Q: Do you have a Demo for our Settlement Agents/Bank Attorney's?

Yes, we do have an introduction video on it's way to you. We will send over to you as well as included on the Intranet under Mortgage Technology > Technologies > Consumer Experience > Fairway Express Close (Icon) > More info

Q: Does this work for a mobile notary to still be able to do the closing at the borrowers home or work?

Yes, Settlement Agents can assign closing right within their Closing Center to their Mobile Notary to facilitate the Hybrid eClosing

Q: When will we be able to do a full eclose with RON?  

Remote online Notarization is in beta now and we anticipate will be available in 2020 in states where allowed. More to come

Q: Can you explain the difference between eClose Hybrid and eClose with eNote. Hybrid is for Govt and eClose is Conv, but what's different between the two?   

eClose with enote includes the electronically signed promissory note and is used on conventional transactions. The Hybrid eClose is a government; FHA, VA, or USDA only difference is no eNote allowed on government yet

Q: When borrower signs electronically and chooses to have signed documents emailed, how do they get copies of the notarized docs? Or, are they included in the package for esignatures as well as wet sign?

Today on a Hybrid eClose the borrower can elect to have the signed digital documents email to them. In this scenario just as today the settlement agent will provide the borrowers copies of the documents that were wet signed

Q: Do the borrower's "sign" each closing document or do they "sign" once and it gets applied to all closing docs?  

Closing Center does not currently suppot batch signing. Borrower will click to apply their signature on each document

Q: Does the borrower get a link in advance to view the docs prior to closing?

No, Borrowers will not be required to view the documents prior to closing

Q: Will this work for refi closings at the borrower's home using a traveling notary?

Yes, Settlement Agents can assign closing right within their Closing Center to their Mobile Notary to facilitate the Hybrid eClosing. NO sign up, contract, training, or additional fee for Mobile Notary

Q: Does the settlement attorney have the capability to print the documents if needed and switch to paper? Say there's no internet access, their tablet breaks, or whatever may come up.   

We do not have a "paper out" option today so Closer will simply request a redraw to paper. We are looking at this feature for future enhancements

Q: How will this affect closings where there is a remote notary being used to close them remote and when multiple borrowers have to sign at two different times?

Both can be accomodated. (1): Settlement Agents can assign closing right within their Closing Center to their Mobile Notary to facilitate the Hybrid eClosing. NO sign up, contract, training, or additional fee for Mobile Notary (2): Borrower's do not have to attend settlement at the same time. They can attend at separate times and both sign their documents electronically as scheduled

Q: How soon can we start eclosing with Fairway Express Close?  

Closing Center is live and ready to use for Express Close files now. See information on the Mortgage Tech page on the Intranet or reach out to: eclose@fairwaymc.com

Q: Is it possible for a borrower to remotely log into a title company computer and eSign remotely?

Remote online Notarization is in beta now and we anticipate will be available in 2020 in states where allowed. More to come

Q: Does the borrower receive an email with their access code # and when does that get sent prior to closing?

The access code is provided in the Closing Instructions to the Settlement Agent prior to the closing

Q: Can we eclose both purchase and refi?  

Yes, both Purchase transactions as well as Refinance transactions are eligible in: FHA, VA, and USDA are eligible for eClose Hybrid

Q: Do we prefer that the SA set up closing center vs guest access?    

Both option are free. Best practice would be to create log in so they can manage transactions via their dashboard in the Closing Center

Q: For funding purposes the package will auto upload into the applicable folders we would just need the title co. to send the final CD, 1003 etc that were wet signed?   

Correct, same as today in returning the wet signed documents. Follow current procedures.