Notarize, Redfin, Westcor and TitleOne Complete Minnesota’s First Online Closing
On a day when wind chills in Minnesota reached 55 degrees below zero and UPS was closed for safety reasons, Notarize, Redfin, Westcor, and TitleOne completed what we believe is the state’s first online closing. A California home buyer used a Virginia notary to close on their home less than a month after Minnesota’s remote online notarization law went into effect.
“In weather situations like this, eClosings are the only way a home can be closed on,” said Kevin Leurig, a Redfin Mortgage Senior Closing Agent. “In northern states, title companies can now be productive in the winter, and even better, homeowners and buyers can close where and when they want to. It’s true convenience in the 21st century.”
News organizations in Minnesota reported that plows were breaking down as snowfall and icy conditions hindered travel. Any paper closing packet would have been delayed with postal delivery services being cancelled. The compounded effect of this would mean that the loan would have taken longer to reach the secondary market, delaying the home closing by a week or more.
With remote online notarization, this process can happen within hours. You no longer have to leave your home and brave the elements to physically sign documents.
“We’ve been fortunate enough to join forces with some amazing partners like TitleOne and Redfin Mortgage who are ushering in online closings across the country,” said Notarize CEO Pat Kinsel. “Doing the first online closing in Minnesota is just another step towards our vision of anyone using their phone or laptop to close on the home of their dreams, no matter where they are.”
Notarize just recently completed its thousandth online mortgage transaction, and partnered with Redfin to deliver one of fastest loan fundings in the industry, helping new parents purchase their first home in less than two hours.
“This is the year of e-closings,” said Leurig. “The nation is about to experience a wave of adoption and better customer experience across the board. We’ll forget we had to do it any other way.”
You can read the full announcement here.