About a year ago, I got a preview of a product offered to closing agents by Stewart Technologies, a Stewart Title Company. The product, eClosing Room, allows closings to be completed in an almost paperless environment through the use of pen-based "tablet" computers. Think about it, we already complete many transactions in a paperless manner - debit card and some credit card transactions, internet-based transactions, on-line stock trades, and others. How often in the past month have you completed a purchase by signing your name on a digital pad at a retail store? Paperless, or at least "paper-less" (that is, not truly paper free, but at least involving less paper) are here, and are coming to the real estate closing table.
The Title South Closing Centers have signed up as an eClosing Room customer. We have the software, we have the hardware, and we have the trainer coming next month to get us up to speed on how to put it all together. We are working with mortgage lenders to allow us to submit digitally signed documents to them instead of pen and ink signed paper documents. We have asked the Jefferson County Probate Court to be part of the efiling pilot program for the recording of deeds and mortgages.
I don't know when we will be able to do the first "paper-less" transaction at the TitleSouth Closing Centers, but I truly believe that it will be within the next 90 days. I'll let you know when we're ready to go.
In the meantime, here is a link to an artcile on eClosing Room:
http://realtytimes.com/rtapages/20061226_eclosing.htm
Until next time,
Pat Smith
General Counsel, TitleSouth and
Director, TitleSouth Closing Centers
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