So exciting to see that North Carolina passed a major milestone in the housing finance industry this month, performing its first ever eClosing!
According to Housing Wire, the state, along with North State Bank and the help of other key parties, executed a 100% electronic mortgage closing. Investors Title Insurance Company of Chapel Hill insured the electronic, notarized mortgage, while DocMagic and World Wide Notary were the electronic solution providers that were used.
“This was our first North Carolina eClosing,” N.C. Secretary of State Elaine Marshall said, “It is not our last. We want this to become a regular option for lenders and their customers because of the many advantages eClosing offers versus the slower, traditional paper-based system.”
Tim Anderson, director of eServices with DocMagic, explained that the announcement is important since North State Bank plans to push this way as their default and not the exception.