What is a Hybrid closing transaction?
Notarize recognizes that some organizations don't have everything they need for setting up completely online closings. That's okay; we're here to help! While you're still setting up your eVault and eRecording software for transactions in areas approved by your underwriter, you can set up Hybrid transactions to make in-person closings run faster and smoother.
With this option, most of the closing documents can be electronically signed by borrowers. The closing agent will only need to witness/notarize a handful of documents in person, such as the Note, Mortgage, and other Notary documents.
Hybrid vs Full Online Closings
A Hybrid transaction consists of documents that can be eSigned in advance of any in-person closing, as well as documents that need to be printed and wet-signed during an in-person closing.
A Full Online Closing contains documents that will only be completed online. While some documents can be configured for eSignature in advance of the closing, all others are completed during the closing via a remote online notary session.
How it Works
With Notarize, the Borrower only signs a limited package in the presence of the Title Agent or Notary. This process saves time, reduces errors and processing time after the closing, and allows everyone much more flexibility when scheduling appointments!
- The Lender (or Notarize, on behalf of the Lender) sends the Borrower and Title Agent a link to the transaction the day before closing or earlier.
- Borrowers can preview the closing package as soon as received but cannot sign until the day of the closing.
- On the day of the closing, the documents go “Live”, and the Borrower will be reminded to electronically sign all eligible documents in advance of the in-person meeting with the Title Agent or Notary.
- The Title Agent is responsible for printing all wet signed documents for the in-person meeting with the Borrower. If the Title Agent is sending a mobile Notary, they are responsible for getting the wet sign documents to the Notary.
- When the in-person meeting with the Title Agent or Notary occurs, the Title agent confirms that the eSign documents have been completed. If so, the wet sign documents are executed and witnessed. If not, the entire package is wet signed.
- The Title Agent emails the completed wet-signed document scans to the Lender and mails the physical copies as usual. See also Title Wet Sign Upload for Hybrid Transactions for the ability to upload completed wet-sign documents to the Notarize platform in addition to mailing to the Lender.
Ready for the next step? Click here to read Closing Instructions for Closers/Attorneys/Title Agents.
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