Stewart Title announced recently the first electronically closed FHA loan in partnership with Mountain America Credit Union. Mountain America Credit Union and Stewart Title’s Bonneville Superior office joined forces to offer customers an eco-friendly and enhanced closing experience with eClosings. Mountain America’s eClosing platform – branded as Quick CloseSM – was made possible through Stewart’s eClosingRoom® technology, powered by SureClose®, in conjunction with DocMagic eSign compliant loan documents.
“Being the first lender in the country to conduct a live eClosing of an FHA loan and doing it with Quick Close and Stewart is truly an exciting event for us,” says Amy Moser, vice president of mortgage services for Utah-based Mountain America. “We implemented Quick Close for our customers in 2010. It gives us a tremendous competitive advantage because it enables us to provide superior customer service to credit union members who demand an efficient loan experience.”
“Stewart Title is thrilled to be able to support Mountain America in this endeavor,” says Glenn Clements, group president of direct operations for Stewart. “Today marks two very momentous transactions in Utah and for the real estate industry as a whole. One, for the first time in the industry’s history we were able to electronically close an FHA loan on a home purchase, and then immediately following that closing, we eClosed a refinance transaction with an FHA loan. Both made history, but perhaps the best part was how we are transforming the closing process for our customers with an improved closing experience.”
With Quick Close, all of the documents in the transaction were available online for the parties of the transaction to review and approve before closing—creating more informed buyers and sellers and avoiding any surprises at the closing table. Then, at the closing all of the documents with the exception of the FHA mortgage note were generated and signed electronically. FHA’s recent announcement made this possible by supporting the ability to eSign all documents, with the exception of the FHA mortgage note. The announcement states that the agency will begin accepting electronically signed notes by the end of the year.
According to the company, Stewart has been the pioneer in the eClosing space, having had the first electronic closing in the country in May of 2005. “Today we made history in the mortgage market, now both conventional and FHA loans accept Quick Close,” says Nancy Pratt, director of eStrategy for Stewart Title. “With the first Quick Close of an FHA loan, we have removed the barriers of acceptance of eClosings for the mortgage industry, which will have a tremendous impact on how we can better serve our ecologically-conscienced customers in the future—regardless the type of loan.”
Pratt continues, “With Quick Close you can not only eSign, but also eNotarize and eRecord the closing package in the title office, delivering a fully paperless and ‘green’ eClosing experience for all participants.”
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