First American Title Insurance Company [1], a provider of title insurance and settlement services and a subsidiary of First American Financial Corporation, and Taylor Morrison Home Corporation [2], a national homebuilder and developer, through Taylor Morrison Home Funding, announced they have completed 500 hybrid eClosings using First American’s eClosing solution. The hybrid eClosings took place in Arizona, California, Colorado, Florida and Texas.
First American’s eClosing solution is part of the company’s efforts to help transform real estate settlement, enhancing the digital home buying and mortgage experience for consumers. In a hybrid eClosing, home buyers can review and eSign many real estate transaction closing documents from a computer at home or on a mobile device in advance of the closing appointment, while some documents must be wet signed in person at the appointment.
“After more than 500 completed hybrid eClosings, we’re consistently seeing closing appointments reduced to an average of 20 minutes and home buyers are grateful for the ability to preview documents in advance and to have a shorter, more convenient signing event,” said Joe Tavarez, President at First American Title’s Homebuilder Services Division. “Equally important, lenders appreciate the ability to offer home buyers the convenience of a hybrid eClosing with minimal process changes and no additional fees. We expect to aggressively ramp up hybrid eClosing transaction volume in the months ahead.”
First American offers hybrid eClosing through its eClosing solution for no additional settlement fee to homebuilders, their lender partners or home buyers. With First American’s eClosing solution, First American facilitates the digital settlement process and provides title insurance. The company also maintains the flexibility to support homebuilders and lenders that prefer to use their own third-party eClosing solution.
“We can offer our customers a new level of service, transparency and peace of mind by allowing them to preview their closing documents in advance of the close date. The speed and simplicity of e-signing exceeds customer expectations as they complete the final steps in their home buying journey,” said Tawn Kelley, President of Financial Services and EVP at Taylor Morrison.
First American’s eClosing solution includes a mobile-friendly interface, consumer document preview, digital scheduling for mobile notary meetings, consumer appointment confirmation, and eSignatures for hybrid eClosings. The solution will also manage “eVault-ready” loan documents, including fully executed eNotes, and is ready to support a lender’s MERS eRegistry and eVaulting workflows.
First American’s Guide to eClosing and eSigning Real Estate Transactions [3] provides information, infographics and background on the shift toward digital settlement, including the benefits and different types of eClosings, as well as a state-by-state guide to remote online eClosing.