Through North State Bank Mortgage, a division of North State Bank, the eClosing took 20 minutes to complete and was done shortly after 12 p.m. at the bank’s Hickory, N.C., office.
North Carolina Secretary of State Elaine Marshall, who has been pushing for electronic mortgage closing technology not just in her state but nationwide, was present for the closing.
“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,” 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."
“To be able to eClose will both enhance and simplify the customer experience,” said J. Kenneth Sykes, president of North State Bank Mortgage. “Being the first mortgage company in North Carolina to complete a fully-electronic mortgage is a testament to our commitment. It was an honor and a pleasure to work closely with Secretary Marshall and her team in pursuit of this goal. Now we can say: mission accomplished."
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North Carolina completed its first-ever eClosing May 5, according to a news release.