Dear Readers,

The last few years, and particularly the last several months, have seen an increase in eClosings. With the increase in eClosings, and changing landscape, many in the industry have questions. October Research LLC recently held a webinar to answer some of these questions. Two industry experts answered some additional questions here. Mark Ladd, vice president, regulatory and industry affairs, ICE Mortgage Technology, and Scott Gillen, senior vice president, national agents, Stewart Title Guaranty Co., answered some of those remaining questions.

We shared those additional questions and answers on our website, but I thought I’d share just one of them here. How can independent agencies make sure we stay on a level playing field with our direct operations competitors when it comes to eClosings?

Gillen— From my experience, independent agents tend to be more nimble and creative than their direct operations counterparts. Their ability to deploy technology, train staff and operationalize without the large infrastructure and training needs of a larger, underwriter-owned shop give them that advantage. If we take a look at the lender side for comparison, it’s the non-bank independents that have successfully
deployed digital technologies for consumers, not the large depositories for the same reasons.

Ladd— Be the expert on your local market. This includes understanding the process for becoming an eNotary or a RON notary. Most states are requiring an eNotary or RON specific commission. Knowing what the requirements for your state are is critical. For more, check out the website or listen to the webinar.

Until next time, stay legal.
Andrea Golby
Editor

The Legal Description