1st end-to-end eClosing in North Carolina (5th in world) Completed May 5, 2017, in Hickory, North Carolina

May 5, 2017 @ 1:45pm in Hickory, North Carolina.

North Carolina's first true end-to-end eClosing was completed last Friday in Hickory, North Carolina, a culmination of the North Carolina Secretary of State's eClosing Pilot Program from idea to commercial reality in a mere 9 months.

A true collaborative effort, an example of a public/private initiative at its finest... I was proud to work alongside Secretary of State Elaine Marshall, Deputy Secretary of State Ozie Stallworth, President of North State Bank Mortgage Ken Sykes & Chief Mortgage Operating Officer Kelly Arrington, the team at DocMagic, and my own staff in achieving this historic milestone.

The transaction took a little over over 20 minutes to complete, and the consumers, Jason & Karen Boccardi, were impressed with the efficiency gains and overall consumer satisfaction vs. the old pen-and-paper means of closing consumer mortgage transactions, with the total time of the closing taking 50% less time.

This will be a great lead-in to the 2017 American Mortgage Conference in Raleigh from May 17-19, where I'll be leading a panel discussion featuring Deputy Secretary of State Ozie Stallworth, President of North State Bank Mortgage Ken Sykes (the originator of this loan), President of Loan Care Servicing Dave Worrall (the subservicer of this loan) and Mike Cafferky, eMortgage Program Manager at Fannie Mae to discuss eClosings / digital mortgages generally, but also tell the story of how the Secretary of State's eClosing Pilot culminated in the first eClosing in North Carolina.

The panel discussion is entitled "eNotes and the Coming Digital Mortgage Revolution" and the description follows:

With consumer mortgage production costs doubling in the last 10 years, with home-ownership at a 50+ year low, and with a changing interest rate environment, what does the consumer mortgage space look like in the next 10 years? Do you have a millennial strategy? Don't miss this panel discussion about the coming digital mortgage / eClosing revolution. Learn about eNotes, eVaults, and other elements of the digital mortgage, and its impact on originators, servicers, warehouse lenders, settlement providers, and more.

The panel will immediately be followed by an hour-long 'deep dive' live demonstration of what an eClosing looks like, both from the consumer experience and what things look like and mean on the back end for originators, servicers and the other players in the consumer mortgage ecosystem.

If you have not yet registered for the AMC, do so here as space is limited: www.cvent.com/events/american-mortgage-conference/custom-17-3c1dc3195a15404e956c10a79fda0263.aspx