eNotes can be signed in any U.S. state, while eRecordings – the act of registering recordable documents electronically – are accepted in the vast majority of the nation’s counties, with 42 states and Washington, D.C. having already passed laws to allow remote online notarization.
Aside from saving time and money for the consumer and making the homebuying experience seamless and straightforward, mortgage professionals benefit from reduced operational costs and shortened delivery times for both the secondary market and investors. And as data can be extracted directly from loan documents, the potential risk for human error is drastically reduced.
Moreover, contrary to many myths and misconceptions, Freddie Mac accepts a combination of printed and electronic versions of loan documents, so the customer has a choice and is not forced to adopt an ‘all or nothing’ approach.
Freddie Mac has spearheaded the industry’s digital mortgage journey, helping to define standards in the industry, and positioning itself to provide support across the mortgage ecosystem, while improving efficiencies across the board.
It’s an ongoing journey but one that will soon enable a true digital mortgage.