The milestone took place just after midday on Friday May 5 at the mortgage lender’s office in Hickory, NC. Jamie H. Harrington, mortgage market manager, was the loan officer.
North Carolina Secretary of State Elaine Marshall, who has worked with the mortgage industry to launch a pilot program for eClosing, was there to witness the event.
"The mortgage loan closing process took a giant step into the electronic age today with the completion of North Carolina's first fully electronic mortgage closing,” Secretary Marshall said. “None of the safeguards you expect when you close are missing. None of the professionals you expect to see when you close are absent today. The only thing missing is the stack of paper documents that slow down the transaction and that sometimes themselves cause delays and confusion."
The transaction took 20 minutes and the total time of closing was 50% less than a traditional closing.
North State Bank Mortgage president J. Kenneth Sykes said that making the mortgage loan process easier for customers is a priority and noted that it was an “exciting day” for everyone at the lender.
More market update:
North State Bank Mortgage has become the first lender in North Carolina to complete a fully-electronic mortgage closing.