A closer look at digital closings

Digital closings have been around for a long time in real estate, but the topic – and related terms like our good friend RON (Remote Online Notarization) really got thrust into the spotlight in 2020 during the pandemic.

Still today, there are questions about what a digital closing is and isn’t, which is why the BBS Notary team thought another blog exploring the world of e-closings could be useful. Want to know more? Check out this recent article. Whether you need a traditional notary experience or an expert to handle a digital signing, BBS Notary can be your nationwide notary network solution. Reach out to us anytime.

The term “digital closing” or “e-closing” is all-encompassing because it covers any closing/signing that includes a digital component. Here’s how to differentiate between some popular terms and types of closings available in most situations.

• A closing process where one or more of the required closing documents are accessed and signed electronically. A blanket term.
• eNotarization: The act of electronically affixing a notary signature to a document, which is authorized in most states
• Remote Online Notarization (RON): A fully digital process where electronic documents are eSigned and eNotarized once identity is verified with the notary who is joining the experience remotely.
• Remote Ink-Signed Notarization (RIN): Paper documents are ink-signed while a notary witnesses via webcam. Ink-signed documents are then mailed back to the notary for final ink notarization.
• eMortgage: A mortgage where the critical loan documentation is created, executed, transferred and stored electronically.
• eNote: A document that must be tamper-sealed, which is a special type of digital signature that guarantees data integrity and attaches a date and time stamp to the signature.

Types of Closing:

• Traditional Wet Signing:
  • In-person
  • 100% paper documents with wet signatures
  • In office, mobile notary, mail away
• eClosing: Hybrid Closing
  • In-person
  • Some paper documents
  • Some digital documents with eSignatures
  • In-office or mobile notary
• eClosing: InPerson Digital (known as IPEN)
  • In-person
  • 100% digital documents with eSignatures
  • In-office or mobile notary
• eClosing: Remote Online Notary
  • NOT in person
  • Notary public appears before signer via webcam
  • 100% digital documents with e-signatures.

To all the title companies across the country that can and are offering digital closing options, good for you! Doing so is a great way to show that you’re an innovative operation ready to lead your customers and partners into the future regarding their security, convenience and overall closing experience.

When you need a mobile notary partner to conduct any sort of traditional or digital closing, BBS Notary is the team ready to serve you! Reach out to us today.