Tuesday, April 04, 2006

Paperless closings with CT

I saw a bit in the April 3, 2006 Chicago Sun-Times that Chicago Title is going to begin rolling out paperless closings. Has anyone had one of these yet?

The gist of this article made it sound like the mortgage documents will be signed over the Internet and then mortgage document copies will be given to Buyers on a CD rather than paper format. It'll be interesting to see how it will all play out.

Will there be an actual closing i.e., time/place then? I'm assuming all the Seller's documents and such will still be "wet" signed. What's really the savings if you still need to attend a closing? If this paperless mortgage stuff is going to happen it seems the main reason to have it is so that there can be a "remote" closing.

Maybe I'll start using my CT agency more now...


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