Closing on a house is going digital. Forget the hours of meetings with mortgage brokers and hand cramps from signing a ream of paper. Now, Utah house hunters and refinancers can apply for a mortgage from at least one key lender, submit all the required forms and documents, ask questions and even sign on the dotted line using a laptop on the living room sofa.
Mountain America Credit Union (MACU) rolled out its Quick Close paperless mortgage service as an option about 18 months ago and so far, about 500 Utahns have used it, said Amy Moser, MACU vice president of mortgage services. She says it’s a matter of convenience for customers.
David Luna, legislative officer with the Utah Association of Mortgage Professionals and president of Mortgage Educators and Compliance predicts digital mortgages will all be paperless in the near future, pointing to industries that have also gone digital such as insurance, law enforcement and pharmaceuticals. Salt Lake Tribune
