1st Security Bank Announces Expanded Mortgage Loan Closing Options with Remote Online Notarization
On November 9, 2021, 1st Security Bank announced the implementation of Remote Online Notarization (RON) within its Home Lending division, enhancing the mortgage closing process. This digital solution allows borrowers to preview and sign documents remotely before finalizing with a notary via videoconference, reducing travel time and paperwork. Executive VP Donn Costa highlighted that RON offers greater convenience and efficiency, potentially becoming the standard for mortgage closings. Remote notarization ensures high security and accessibility for borrowers globally.
- Implementation of RON improves customer convenience and efficiency in mortgage closings.
- Reduction in travel time and paperwork enhances the overall closing process.
- High security standards associated with Remote Online Notarization.
- Some escrow companies are still not fully familiar with the RON process.
MOUNTLAKE TERRACE, Wash., Nov. 9, 2021 /PRNewswire/ -- 1st Security Bank ('the Bank') is now using Remote Online Notarization ("RON") for multiple buyer and seller signed document closings through its Home Lending division.
The eClose process allows borrowers the convenience of previewing and signing most closing documents from an internet-enabled device before meeting with a notary in person for identity verification and final document signing. With RON, the notary participates through live videoconferencing with the client and notarizes the documents virtually.
"RON is still an emerging technology and many of the escrow companies are still learning the process. With the added convenience to our borrowers, less travel time, less paper and fewer mistakes, I believe it will be the way we close most of our mortgages in the near future." said Donn Costa, Executive Vice President of Home Lending. "Some familiarity with technology is required to use the RON process, but each participant only needs access to the internet and a connected device with a camera."
Remote Online Notarization standards ensure a high level of security and provides a fully digital closing option. 1st Security Bank borrowers can now complete the signing process from virtually anywhere in the world.
About 1st Security Bank of Washington
1st Security Bank of Washington, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty-one branches, and mortgage services at each branch as well as lending offices in the greater Puget Sound area and the Tri-Cities. FS Bancorp, Inc., a Washington corporation, is the holding company for the Bank.
MEDIA CONTACT
Donna Jacobson
VP, Director of Marketing
E: donna.jacobson@fsbwa.com
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SOURCE 1st Security Bank
FAQ
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