The following guide outlines the current steps a Lender needs to follow in order to successfully complete a closing where a borrower has decided not to complete / participate in a Full eClosing.
Impact to Signed Hybrid Documents, Including eNote
Once a borrower completes the eSigning of their Hybrid documents, including the eNote, there is no functionality built within the Snapdocs or Notarize solution that allows either the Borrower or the assigned Settlement Agent to opt-out of eSigning. Therefore, there is no opportunity for the Hybrid documents, including the eNote, to be lost. Thus no negative impact to your Hybrid success rate.
The only ways the eSign documents are made unavailable to the borrower is if the Lender decides to update the closing status to Canceled or the signing is converted to Wet. As a reminder, a cancellation results in the automatic deletion and unregistration of the eNote.
How to Correctly Complete a Closing When the Borrower Opt-outs
There are many different scenarios that can occur with a Borrower opting out of a Full eClosing. The scenarios are outlined below along with their respective instructions on how to ensure a Hybrid closing is still correctly facilitated.
Borrower Opts-out of RON Signing with eSigning Incomplete
As with the standard “Hybrid” or “Hybrid with eNote” workflow, Borrowers have the ability to opt-out of eSigning during the signing of their eNote or their Hybrid eligible documents. If at any point, the borrower opts out of eSigning their hybrid documents, the closing will automatically be converted to a “Full Wet” closing.
Lender opts-out of RON signing
If the Lender wishes for the Borrower to complete a “Hybrid with eNote” closing in lieu of a “Full eClosing,” we recommend that the Lender follows the steps outlined below:
- Contact the Borrower and the assigned Settlement Agent and let them know that you wish for them to complete a “Hybrid with eNote” closing and that they will receive a cancellation notice via email from Snapdocs of the original closing. However, Snapdocs will re-process a new closing shortly as a “Hybrid with eNote”.
- Contact the Snapdocs Support team at email@example.com or call us at (833) 762-7362 and inform them that the original closing needs to be canceled and a new closing needs to be reprocessed as a “Hybrid with eNote”. If it is time sensitive, please mention it is a rush closing to ensure that it is appropriately prioritized.
- Once doc processing is complete, the Borrower and the assigned Settlement Agent will be notified of the new “Hybrid with eNote” closing via email from Snapdocs.
Borrower Opts-out of RON Signing with eSigning Complete
As a reminder, a Borrower does not have the ability to opt-out of eSigning once their Hybrid documents are completed nor are they able to opt-out of the RON signing within Snapdocs or the Notarize platform.
In the event that the Borrower does not wish to complete their RON signing, outlined below are the steps you will need to complete in order to successfully complete the closing as a “Hybrid with eNote”:
- Borrower will communicate to the Settlement Agent or lender that they do not wish to complete their signing appointment via RON.
- Settlement/lender coordinates with the borrower to schedule the wet signing appointment at the escrow office or another location with a mobile notary.
- Settlement Agent will log into the closing in Snapdocs and download the ‘RON Signing Package’ from the closing page and print the closing package for the wet signing appointment.
- Settlement Agent is responsible for uploading scanback packages of signed documents to the closing in Snapdocs.
If you have any questions or require support, please contact your dedicated Customer Success Manager or contact our Support team at firstname.lastname@example.org or call us at (833) 762-7362.