Virtual Home Lending Just Got One Step Closer To Reality
The US House of Representatives passed a bill allowing remote online notarizations. The vote was passed by the House with a vote of 336-90. This bill allows a notary public commissioned under state law to remotely notarize electronic records. A total of 41 states have enacted laws enabling the use of remote online notarization. This moves the housing industry one step closer to a future where e-mortgage lending can become a reality for Americans across the country.
The modernization of the notarization system is a major step in the direction of lowering the work and intake needed for home owners to get approved for lending. With the bill passing there will still be a multifactor authentication to mean the minimum national standards outlined — Still making obtaining a mortgage easier than ever.
Giving home buyers the ability to close on their home loan virtually from the comfort of wherever they want to be is soon to become the number one choice for shopping home loans. Digital home buying has been on the rise growing rapidly up to now, some lenders like Rocket Mortgage & Better.com are leading the way. With digital shopping, homebuyers gain a sense of transactional freedom and a feel to fully emerge in the internet revolutionizing the lending process for good.
This post is based on the opinion of writers at Real Estate Today