I am working with a handful of people who currently live out of state to refinance their home and they are amazed that they don’t have to go to their local title company to sign final paperwork.
They can actually sign their final loan paperwork on their dining room table in the comfort of their own home if they want.
Of course, they always have the option of going to a local title company to sign the final paperwork, but they aren’t required to by the lender.
What is required though is that a notary is present to notarize their signatures and verify the identity of the borrowers. This means that we can’t just email you the final loan paperwork and have you sign it and mail it in – there must be a notary present.
Now… for something completely cool that isn’t reality for most lenders yet – electronic signatures are coming soon. Soon as in the next few years, not the next few days.
At some point in the future, it will be possible on a large scale to sign your final mortgage paperwork via an electronic signature over your computer.
Maybe even your iPhone!
It is currently being tested by a handful of companies – but nothing on a large scale. So for now, your options when signing your final mortgage loan paperwork are to go to your local title company or have the title company send a “mobile notary signer” to your home.
And your loan officer should be well versed at how to arrange either.