Mountain American Credit Union Makes History with the First eClosed FHA Loan
HOUSTON (March 17, 2014)—Stewart Title announced today the first electronically closed FHA loan in partnership with Mountain America Credit Union. Mountain America Credit Union and Stewart Title’s Bonneville Superior office joined forces to offer customers an eco-friendly and enhanced closing experience with eClosings. Mountain America’s eClosing platform – branded as Quick CloseSM – was made possible through Stewart’s eClosingRoom® technology, powered by SureClose®, in conjunction with DocMagic eSign compliant loan documents.
“Being the first lender in the country to conduct a live eClosing of an FHA loan and doing it with Quick Close and Stewart is truly an exciting event for us,” said Amy Moser, vice president of mortgage services for Utah-based Mountain America. “We implemented Quick Close for our customers in 2010. It gives us a tremendous competitive advantage because it enables us to provide superior customer service to credit union members who demand an efficient loan experience.”
“Stewart Title is thrilled to be able to support Mountain America in this endeavor,” said Glenn Clements, group president of direct operations for Stewart. “Today marks two very momentous transactions in Utah and for the real estate industry as a whole. One, for the first time in the industry’s history we were able to electronically close an FHA loan on a home purchase, and then immediately following that closing, we eClosed a refinance transaction with an FHA loan. Both made history, but perhaps the best part was how we are transforming the closing process for our customers with an improved closing experience.”
With Quick Close, all of the documents in the transaction were available online for the parties of the transaction to review and approve before closing—creating more informed buyers and sellers and avoiding any surprises at the closing table. Then, at the closing all of the documents with the exception of the FHA mortgage note were generated and signed electronically. FHA’s recent announcement made this possible by supporting the ability to eSign all documents, with the exception of the FHA mortgage note. The announcement states that the agency will begin accepting electronically signed notes by the end of the year.
Stewart has been the pioneer in the eClosing space, having had the first electronic closing in the country in May of 2005. “Today we made history in the mortgage market, now both conventional and FHA loans accept Quick Close,” said Nancy Pratt, director of eStrategy for Stewart Title. “With the first Quick Close of an FHA loan, we have removed the barriers of acceptance of eClosings for the mortgage industry, which will have a tremendous impact on how we can better serve our ecologically-conscienced customers in the future—regardless the type of loan.”
Pratt continues, “With Quick Close you can not only eSign, but also eNotarize and eRecord the closing package in the title office, delivering a fully paperless and ‘green’ eClosing experience for all participants.”
The closings took place at Stewart Title’s Bonneville Superior office at 7050 Union Park Center, Ste. 110 in Midvale, UT 84047. For more information, visit www.bonnevillesuperior.com.
DocMagic, Inc. is a leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.
About Mountain America Credit Union
Mountain America Credit Union has more than $3.8 billion in assets and serves more than 457,000 members, wherever they are, through online and mobile banking, 76 branches in five states and access to more than 30,000 ATMs and 5,000 shared-branching locations nationwide. With credit union roots dating back to the 1930s, Mountain America has become a tradition for many members by offering a variety of financial products and services for consumers and businesses, including checking and savings accounts, auto loans, mortgage loans, student loans, retirement options and business checking, SBA loans and business loans. Visit http://www.macu.com for more information.
Stewart Title Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-focused, global title insurance and real estate services company, offering products and services through direct operations, a network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; due diligence for capital markets; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Offering personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, Stewart is the preferred real estate services provider. More information can be found at http://www.stewart.com/news, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.