HomeSale Settlement Services to Achieve First Completely Electronic Closing in Pennsylvania
|November 13, 2006|
LANCASTER, PA -- (MARKET WIRE) -- HomeSale Settlement Services, in collaboration with Simplifile, the Lancaster County Recorder of Deeds and the National Notary Association (NNA), announced today that it will conduct the first completely electronic home sale closing in Pennsylvania on November 13, revolutionizing the way residential and commercial real estate transactions are conducted and recorded in the Commonwealth.
The completely paperless transaction incorporates the fundamental and protective components of notarization using the NNA-developed Electronic Notary Seal (ENS™) and National eNotary Registry™, which provide real-time authentication of a Notary's identity and credentials, greatly reducing the potential for fraudulent mortgage transactions. Electronic notarization improves the security and efficiency of real property transactions from the point of origination to recording, while reducing costs associated with examining and storing traditional paper-based documents.
"Electronic notarization delivers the highest level of security and speed to our customers from the point of origination to recording," said Mark Korman, Managing Director of Coldwell Banker HomeSale Services Group. "We are excited to be the first in Pennsylvania to put this groundbreaking e-commerce solution into practice for homebuyers."
"E-closings will allow HomeSale Settlement Services and its business partners to provide the highest level of customer service available by streamlining the process," added Brian Zulli, Esq., General Manager of HomeSale Settlement Services.
"By taking the lead to make the first electronic closing achievable in Pennsylvania, HomeSale Settlement Services is single-handedly transforming how real property is transacted in the Commonwealth," said Timothy S. Reiniger, Esq., NNA Executive Director. "Today's e-closing is a significant advancement for the national success of credential-based eNotarization."
"The new system developed provides maximum efficiency for the workflow management of mortgage transactions," said Mark Reynolds, Vice President of Product Development for Simplifile. "We are pleased with the progress of this state-of-the-art system for Pennsylvania's consumers."
In February, the NNA, in partnership with the Pennsylvania Department of State and four of the state's recorders of deeds, launched the nation's first statewide system for eNotarization. Since January 31, the Department of State has authorized approximately 200 qualified Pennsylvania Notaries Public to perform notarizations on electronic documents, which are then recorded digitally by participating Pennsylvania county recorders.
SOURCE: National Notary Association