Stewart Title announced Monday the first electronically closed Federal Housing Administration (FHA) loan in partnership with Mountain America Credit Union. The companies joined to offer customers an eco-friendly and enhanced closing experience with eClosings.
Mountain America's eClosing platform—branded as Quick Close—was made possible through Stewarts eClosingRoom technology, powered by SureClose, in conjunction with DocMagic eSign compliant loan documents.
"Being the first lender in the country to conduct a live eClosing of an FHA loan and doing it with Quick Close and Stewart is truly an exciting event for us," said Amy Moser, VP of mortgage services for the Utah-based Mountain America. "We implemented Quick Close for our customers in 2010. It gives us a tremendous competitive advantage because it enables us to provide superior customer service to credit union members who demand an efficient loan experience."
Using Quick Close, documents in the transaction were available online for the parties of the transaction to review and approve before closing. At the closing, all of the documents (with the exception of the FHA mortgage note) were generated and signed electronically