10,000 eClosings in four months! That’s all it took for the Clear Sign℠ platform from Nexsys Technologies® to become the No. 1 eClosing platform based on Mortgage Electronic Registration System (MERS) registered notes.
Nexsys reached that milestone on August 7, 2019. To put that in perspective, they started out with 45 eClosings in April. That kind of exponential growth has put a smile on the face of Executive Vice President Mike Lyon. “When we started putting together Clear Sign, we knew that we were creating something that was going to catch fire in the mortgage industry,” Lyon said. “A platform that makes mortgage closings faster, more efficient and more secure for clients, notaries and lenders – that in itself is going to get attention. But the refi boom sent our eClosing numbers soaring – and Clear Sign proved that it was up for the challenge.”
What’s Fueling Clear Sign’s Momentum?
Nexsys began work on Clear Sign in 2018 and put the finishing touches on the platform in 2019 before its April launch. That timeline synced with the recent state-by-state rollout of eClosing legislation. Currently, all states allow for Hybrid eClosings, in which notaries and clients meet face to face to sign documents with pen and paper and digitally. Gradually, many states are updating their eClosing legislation to include In-Person Notarization (IPEN) eClosings and Remote Online Notarization (RON) eClosings. In an IPEN eClosing, the client and notary meet in person, but all documents are signed and stamped digitally. In a RON eClosing, they connect online through a secure audio/visual link. Clear Sign accommodates all three types of eClosings and allows lenders to easily upgrade from one type of eClosing to another.
“The definition of an eClosing is all over the board in this industry,” Lyon noted. “Other companies define a closing as an eClosing if any document was digitally signed. However, our definition of an eClosing is that a mortgage note has to be digitally signed and/or other documents have to be eNotarized in the closing. Notarized documents are hard – notes are hard. But that’s where the action is. And not many lenders are playing in the hard places.”
Lyon added that he anticipates Clear Sign eClosing totals to top 35,000 by the end of the year. Most of those will still be made up of Hybrid eClosings, but IPEN and RON eClosings are expected to increase as states broaden their eClosing legislation. All in all, 2019 is shaping up to be a very good year for Nexsys and Clear Sign.
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