Local title company leads industry with eClose

There are many products that can be purchased or accessed in the virtual online world; some of these products include buying a house, car, horse, bike or college degree but only recently have consumers been able to buy a home and do the closing all online. With Stewart Title's eClose offered by local Bonneville Superior Title Company, a college student can buy a house, get a loan and close on the title without leaving the comforts of their own couch. Stewart Title, a national title underwriter headquartered in Houston, Texas, developed the closing system. "For years consumers have used the Internet to pay bills, attend college courses and shop for products online," said Kirk Smith, Vice President of Operations for Bonneville Superior Title Company in Ogden. "We wanted to be the first title company in the state to offer a complete, free, online paperless closing." This is how the closing process works. First, the escrow officer will contact the customer by phone to do a pre-closing interview and explain the process to them, after which the customer will receive an e-mail that contains their login and password information, as well as instructions on logging in and signing their documents. "Our new slogan is 'close in your pajamas,'" Smith said. "It is far less intimidating to review and accept documents in the comfort of your own home." Smith said he thinks this is a nice part of the process because the customer can review the documents in their own home for as long as they would like, saving time that would have been spent during the traditional closing in the office. "Finally we have a product that involves both buyers and sellers by making them active participants in the process," Smith said. "For too many years, buyers and sellers have been herded through the closing process. Now eClose offers a less mysterious transaction." Once all of the documents have been completed, the escrow officer will burn a CD of all of the signed closing documents. The documents will also be available online for 7 years. Smith said the only reason for a trip to the title company would be to have the documents that require a notary to be digitally notarized by an escrow officer. Chad Tuft, Mortgage Loan Officer at Education First Credit Union, said he anticipates more closing will be done by eClose because of the time-saving involved in the process. "It's fast and easy for all parties involved in the process," Tuft said. "As younger buyers enter the market, it's only smart that the closing process is done by computer." Tuft said customers like the idea of only signing their names once. "Signing your name a hundred times takes a long time," Tuft said. "Now, instead of spending all the time signing, customers can use that time to review documents and write down any questions they may have." Weber State University student Todd Hadley said he just closed on a house and wishes it could have been done by eClose. "I have gone through three closings now on houses I have bought," Hadley said. "eClose would have saved me a lot of time, especially the time I had to make up at work."