Stressless Mortgage Closings

That’s why some lenders are starting to automate the process, using technology to create “e-closings” that require fewer paper documents.

Mountain America Credit Union, with branches in Utah and four other states, has been offering largely “paperless” closings for several years. Amy Moser, the credit union’s vice president for mortgage services, said about 70 percent of its mortgages were closed using a hybrid electronic process.

Crucial closing documents are provided to borrowers electronically in advance. Just the note — the legal document you sign, agreeing to repay the mortgage — is signed the traditional way, on paper with a pen. Everything else is signed with just one signature, on an electronic pad, and a set of the documents is given to the borrower on a portable drive.

“You don’t have to carry a stack of documents home,” she said.

Overall adoption of electronic closings remains low, but their use could make things simpler for borrowers, according to recent findings by the Consumer Financial Protection Bureau.

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