We are receiving a lot of questions from our clients asking if we are still doing closings on purchases and refinances and whether we conduct eClosing and electronic signing. With the current state of Covid-19 related restrictions and closures it has been a challenge but not impossible to keep closings on track. We continue to process our closings and use all of the latest technologies to assist our clients. While we have adopted and continue to use technologies including electronic signing, eClosing and Remote Online Notary (eNotary), we are finding that whether we can utilize these services depends a lot on the lender’s adoption.
Some lenders are accepting limited electronic signatures. We refer to this as a “hybrid closing” when the lender will accept only some portion of the electronic signing technologies available in Florida. In a hybrid situation, certain documents can be pulled for wet signatures and the remainder are signed electronically. Only a very few lenders have fully adopted eClosing, eMortgage and eNote formats for their lien and note documents. Unfortunately, a majority of lenders we currently have closings with require attended closings or wet signatures on all documents. However, we continue to work with all lenders and process each file per their requirements. We recognize that some of the adoption of these new technologies are limited because of their secondary market restrictions.
In short, we continue to accommodate closings for purchases and refinances. The vendors we work with for lien searches, surveys and title work have been hard at work assisting in getting across the finish line with our closings. If you are considering a purchase or sale, or want to take advantage of the lower interest rates, make sure you tell your lender or real estate professional that you want Pompano Law to help with your closing.