An eClosing is the act of closing a mortgage loan electronically. This occurs through a secure digital environment where some or all of the closing documents are executed and accessed electronically.
This is often a hybrid process in which certain key documents, such as the promissory note and security instrument, may be printed to paper and wet-signed, while other documents are signed electronically.
eClosings result in eMortgages only if the promissory note is signed electronically.
The term "eMortgage" generally refers to the use of electronic processes and signatures in the mortgage production process. More specifically, it refers to electronically-signed closing documents paired with an original electronic promissory note (eNote) signed on an eClosing platform and registered with the MERS eRegistry® upon execution. The term "eMortgage" is often used to indicate an eNote even though eMortgage is the broader term for the electronic process that includes the eNote and the electronic security instrument.
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To learn more about how your business can implement eMortgages and eClosings, visit Fannie Mae eClosings and eMortgages online at: www.fanniemae.com/singlefamily/emortgage