Introducing the next big innovation in electronic partner collaboration: Web-Enabled Closing.

A new level of convenience for borrowers.

The RealEC Web-Enabled Closing (WEC) service enables lenders to offer this new closing option as a convenience to their borrowers while having the resulting closing orders fulfilled by their chosen title and closing providers nationwide. Lenders can place orders for the Web-Enabled Closing service to any of their title and closing service providers that are certified and available through the RealEC network. Those orders are then fulfilled and completed online via the vendor-neutral RealEC platform, typically in an expedited manner versus traditional closings.

The RealEC WEC service enables the closing agent to send an electronic meeting invitation to the borrower for the closing event, as well as deliver an electronic version of the agent's Limited Power of Attorney (LPOA) document for the borrower to sign, have notarized and return to the closing agent prior to closing.

During a borrower's online session they complete a rigorous, secure authentication process that exceeds those used by most online transaction Web sites. The in-wallet and out-of-wallet security questions are drawn from the borrower's personal data, and the answers are relevant only to the borrower.

At the scheduled closing time, the borrower securely logs into the RealEC-hosted web site and dials a toll-free number to connect with a representative from the closing provider managing the closing process. Using RealEC's online meeting application, the closing representative thoroughly covers each loan document to ensure that the borrower understands all of the details.

More control and efficiency for closing agents.

The service allows each title and closing provider certified by RealEC to use the Web-Enabled Closing service to control the entire closing process, eliminating the need to coordinate with several third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the loan fulfillment process. Also, since this closing session is Web-based, the borrower may participate from any geographic location.

During the closing representative's review of the documents with the lender's borrower, any necessary changes to those documents can be completed at that time. With accurate documents in place, the borrower answers a series of online questions specific to the loan documents during the review process, acknowledging understanding of and agreement to the terms and conditions of those documents. All of the audio and on-screen activity during this closing process are recorded, archived and available to the lender for future reference.

Once the closing session has been completed consumers are asked to answer brief survey questions regarding the online closing experience to ensure the required level of service was provided. The closing agent then reviews the final closing documents, has the documents signed and notarized (per the terms of the LPOA executed by the borrower), scans the package and delivers the final closing documents to the lender through the RealEC platform.

Contact RealEC today to find out how you can put Web-Enabled Closing to work for your business.