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Special Reports

Electronic Documents, Paperless Loans

Second Electronic Closing for Stewart Title

By Brad Finkelstein

FRESNO, CA -- Stewart Title, Houston, said it has completed its second electronic closing, this time for the sale of a single-family home in this city, using its eClosingRoom technology.

The buyers used a simple "click to sign" process (utilizing only a mouse/stylus and Web browser) and a "sign-once, apply-many" signature capture process on a desktop PC to affix their electronic signatures to the documents.

Documents included the prelim approval, supplemental escrow instructions, loan payment information, affiliated business arrangement disclosure and a California disclosure. Wells Fargo Home Mortgage served as the lender in this transaction. The transaction used Stewart's SureClose online transaction management system.

"We are working with lenders to implement electronic mortgage notes, and with county clerks and recorders to accept electronic notarization and implement electronic recording," said Darren Ross, director of e-commerce, Stewart Information Services Corp.

"As each piece of the electronic transaction falls into place, we will see the benefits of a reduction in paper-based and delivery costs, as well as a more efficient and enjoyable closing process for the consumer."

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