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Close Home Equity Loans, Online – Announcing Notarize for HELOC Transactions

10 million.

That’s how many homeowners are expected to take out a home equity line of credit (HELOC) in the next five years. To put that into perspective, that’s more than double the 4.8 million HELOCs originated in the last five years.

If you thought HELOCs haven’t recovered since the financial crisis–guess what? They’re back.

As homeowners become flush with equity and look to make those larger home improvement and repairs a reality (hello, kitchen remodel!), one thing is for certain–borrowing a line of credit is one of the most important decisions a homeowner can make.

At Notarize, our mission is to support life’s most important moments. Undoubtedly, the purchase of a home or property is one of the most life-changing moments we experience. When we launched Notarize for Mortgage last year, we made it possible for anyone to buy or sell their home, online. Since then, we’ve armed lenders, title agents, and realtors with the technology and services needed to give customers a faster, more convenient, and more secure closing experience.

Since last August, Notarize as been closing REFI transactions, and most recently, Purchase transactions, through our platform for hundreds of customers across the country. As we continue to lead the industry in building best-of-breed products, we’re excited to announce that HELOC support is now available to all Notarize customers, giving lenders the most complete eClosing solution on the market.

Offer Fully Digital eClosings for HELOCs

Our launch of HELOC support is just one of the many ways we’re empowering lender’s to move to eClosings by offering the tools to compete in today’s market.

Just last week, Barbara Farrell, a long-time Florida homeowner, became the first person in the state to sell her property completely online. With Notarize, she sold her condo to an Illinois buyer located more than 1,000 miles away, all from her computer.

Homeowner Barbara selling her Florida condo with Notarize.

Our goal is to make it possible for millions more Americans like Barbara to experience a fully-digital real estate closing. The demand for more tech-enabled mortgage solutions is not just a cry from the millennial crowd. The way consumers buy has forever changed. Borrowers want better control, better flexibility, and better service. Let’s give it to them.

We see a future where anyone can “apply and close” in hours, not days. If consumers can apply for credit from their couch, why can’t they close that way?

With HELOC support, you can now issue home equity loans online. It's as simple as selecting "HELOC" as the transaction type and then our platform will walk you through the rest.

Select HELOC as a document transaction type in the Notarize platform

 

The Benefits of Closing HELOCs Online

Online notarization and e-signatures through Notarize mean lenders and loan officers can offer borrowers a notary, 24x7. In most real estate transactions, notarization has commonly remained the last leg to realizing a fully digital workflow. Even mobile notaries still require scheduling an in-person visit, meaning the experience is not truly digital. By connecting with a notary online at any time, documents can be notarized electronically and converted into eNotes in real-time, which means you can close, faster.

Closing online also reduces the need for scheduling a visit to a local branch or requiring an in-home visit from a mobile notary. For those situations when the branch notary was busy (or simply not available), or it took days just to coordinate the closing, eliminating those frustrations entirely becomes a huge selling point for your customers.

Another great benefit: it’s paperless. Not only does the signing and notarization happen electronically, but HELOCs get converted into eNotes and stored in a secure vault. Moving to Notarize for HELOC transactions will save you thousands in paper, printing, shipping, and file storage costs. If you ever envisioned offering homeowners a fully digital experience - now you can.

The benefits of online HELOC transactions with Notarize:

  • Professional, 5-star rated notaries are available online, 24x7. No need to staff a notary in office or use a mobile notary service.
  • Eliminate scheduling and coordinating. This means borrowers can close within hours, not days.
  • Go paperless, saving you from thousands of dollars in hard costs (and those pesky paper cuts).
  • It’s secure and compliant. Notarize performs multi-factor identity verification, records a live video of the signing session, and collects a comprehensive digital audit trail of the electronic signature process.
  • Designed to prevent errors and to ensure properly executed closings, helping to avoid trailing docs and rework.

HELOC borrowers are often your best customers. They’ve worked hard to earn good credit and equity: treat them like VIPs. Offer the flexibility to close when they want, how they want. It’s the ultimate experience for your customers. And it’s the ultimate competitive advantage for you.

To start closing HELOCs online, schedule a demo today.

online closings

You have notarization questions, we have notarization answers. While we at Notarize pride ourselves on providing helpful resources (like this blog!) to demystify notarization, we’re not lawyers and don’t give legal advice. Pro tip: always check with your own attorneys, advisors, or document recipients if you have further questions about notarization or digitally notarized docs.

Lessons learned in closing over 1,000 mortgage transactions online

In the summer of 2017, we made history. On a Friday in July, an Illinois resident bought a home in Texas using a Texas title company, a Michigan lender, and a Virginia notary. The buyer completed their closing online, saving thousands of dollars in travel, hundreds of sheets of paper, and days in shipping.

Notarize has done over 1,000 online mortgage transactions since then, and we’ve learned a few things. The most obvious lesson is that no two stories are alike.

Read more

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