BNN Services offers a network of skilled signing agents that are certified to deliver eSignings (electronic signatures), also sometimes called hybrid signings or hybrid closings. Unlike a Remote Online Notarization, where all documents are eSigned and the signer's identity is verified by a notary in a remote location, a hybrid closing means many documents can be signed online before closing day, but others must be printed, wet signed, and notarized on paper at the closing.
Why should you, the title company, lender or consumer, consider a hybrid closing? For one thing, having the consumer eSign non-critical, non-notarized documents ahead of time makes for a more efficient and streamlined closing experience. It also gives the consumer more time to review paperwork and ask questions.
When a hybrid closing is sent to us, we break up the loan package into three new packages: one containing the documents that can be eSigned, another with the documents that need to be wet-signed and/or notarized, and a preview package of important documents that the signer can review prior to the closing.
The digital transformation of real estate closings isn’t just about convenience and efficiency. Hybrid closings also provide cost and risk benefits. eSignatures reduce the potential for operational errors that are inherent in manual work. Electronic documents are also less costly to manage and administer than traditional paper documents. Added to the savings of hybrid closings are reduced storage, copying and shipping fees.
Perhaps most important is the positive impact hybrid closings have on customer experience, which is a key differentiator for business success today. Happy borrowers are more likely to refer you to family and friends and to come back to you for repeat business — like if they’re purchasing a second home, downsizing or refinancing.