Credit Union Does Fully Digital eClosing With RON In Only Two Weeks Of Implementation
Coastal Credit Union has chosen DocMagic’s Total eClose solution for completely paperless electronic mortgage loan closings and completed their first eClosing ceremony using Remote Online Notarization (RON) in North Carolina.
“Every lender is progressing toward their own vision of digital mortgage lending, but few are bypassing the hybrid eClose and going directly to the completely electronic ceremony,” said Dominic Iannitti, president and CEO of DocMagic. “Not only did Coastal Credit Union go from traditional closings directly to fully electronic loan closings with Total eClose, but they completed that journey in a very short period of time.”
Many lenders are still operating under the mistaken assumption that the work involved in going fully electronic — investor relations, servicer coordination, MERS connections, etc. — will take many months to complete. As a result, many opt to enjoy the benefits of a hybrid eClosing process as an intermediary step in their transformation to fully digital lending.
Coastal did not want its members to wait for the benefits eClosing offers and chose a different path. The credit union’s management took advantage of the industry downturn to focus their attention on future proofing their organization by implementing Total eClose. Management was committed to the process, but no one guessed they would be ready to eClose so quickly.
Within just a few weeks of the management team’s decision to go with DocMagic’s Total eClose solution, the credit union closed a mortgage loan for a member who was purchasing a home in North Carolina but was unable to leave Colorado to attend a traditional closing. The solution operated flawlessly and its built-in RON capabilities made it possible for the member to close at their convenience.
Coastal was under and emergency order during COVID that allowed the use of RON. Afterward, as the state of North Carolina was completed its RON Authorization legislation, the company reverted to IPEN (in person electronic notarization) using an eNotary agent. Coastal can now close electronically in either manner.
“For us, it’s all about the member experience,” said Wendy Dawson, Vice President of Mortgage Lending at Coastal Credit Union. “We’re always looking for better ways to provide our members with a service that is convenient and accessible, wherever they find themselves. Total eClose provides a transparent and streamlined process through which our members’ questions are answered before the closing so they can focus on more important issues — like how to get the keys to their new homes.”
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