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CU System
Paperless mortgage closings offered at Mountain America
SALT LAKE CITY (2/4/11)--Members of West Jordan, Utah-based Mountain America can now close their mortgages electronically, the $2.77 billion asset credit union announced. "Members can accomplish their mortgage closings in an eco-friendly way," said Jeanie Olsen, Mountain America's vice president of mortgage services. "With all of the documents viewable online, paper can essentially be eliminated from the process. No longer do home buyers have a stack of closing documents an inch or more thick--they can sign electronically and receive all of their documents on an easily transportable flash drive," she added. The credit union also provides access to the documents online after closing, if needed, she said. Members buying homes can access and preapprove most of the documents online before the closing through a paperless mortgage closing service called Quick Close. The service is the primary communication and document delivery vehicle, where title agents, real estate professionals and lenders meet to compile the entire closing package from a secure website. It is powered by SureClose, a paperless transaction management system developed by PropertyInfo Corp., a Stewart company. Title offices that set up Quick Close and eClosingRoom, a program also provided by PropertyInfo, can close mortgages using designated computers and electronic signature capture pads. Mountain America members simply sign any remaining closing documents on the personal computer and sign a digital signature pad once. That signature is then affixed to all of the closing documents, said the credit union's press release.


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