Powered through Notarize, Guaranteed Rate provides borrowers the tools to close on their own terms with our hybrid and eClose options.
FlashClose eClose: Skip the closing table! The borrower has the convenience to complete the closing online, where they want. All documents are eSigned and the notarization is completed via secured webcam with licensed, remote notary. This entire process is done completely through the Notarize platform. This type of closing is approved in 38 states.
FlashClose Hybrid: Speed up the process! Allows borrower to review and sign most of documents ahead of time, which shortens the closing appointment. A portion of the closing package is eSigned and the remaining documents are notarized in-person by a Certified Notary or Closing Agent. This is approved in all 50 states.
Benefit of eClose
Convenience! Borrower can skip the closing table and complete online closing via webchat on their closing day.
Accessible! Notaries are available on demand 24 hours/day Monday – Friday (some Saturday availability).
Accuracy! All docs are electronically signed so there is less opportunity for error or missed signatures on files.
Streamlined! No wet signed docs, less confusion working with Title and Settlement Agent.
Considerations for eClose
Any eligible Refinance; Purchase transactions (limited basis only).
Savvy borrower that just wants flexibility in their closing.
Transaction expiring and the borrowers are not available to close.
Co-Borrowers in different locations.
Borrower travel often or work makes it difficult to schedule a closing appointment.
Closing with POA because of borrower/co-borrower availability issues.
Is eClose legal?
Yes. Since May 2019, more than 20 states have passed bills on remote online notarization. According to Notarize, nearly 40 states have completed at least one fully digital remote closing.
There are two vital people who make the process legal: an underwriter who will insure the transaction and a county clerk that will accept the eRecordings as valid.