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April 04, 2018 10:03 PM

First Electronic Mortgage Closing In Sioux Falls Area

If you've ever purchased a home, you know there's a lot of paperwork involved.

That could soon be changing. The Sioux Falls area had its first e-closing on Wednesday.

Moving to a new house is exciting but also a lot of work.

"I'm just ready to get in there, and make some changes here and there," Dustin Olson said.

One way Olson is making the process easier is by doing the area's first electronic closing. Instead of signing his name dozens of times on papers, he just had to do a few signatures. Most of them are online.

"This electronic signature process is a lot easier," Olson said.

Another benefit is you can look at the documents from the comfort of your own home several days before the closing.

"The customer is way more informed. They're going to have anywhere from three to five days prior to closing to go in and review every document that's going to be at closing for them," Fairway Independent Mortgage Corporation Branch Manager Troy Lage said.

Lage helped the e-closing become a reality, which right now is very rare in the area.

"I'm pretty sure by this time next year this will be commonplace," Lage said.

A new way of buying a house that Olson says has made the process a lot less stressful.

"I feel more informed being able to go through and look at all of that," Olson said.

In some states you can now do the entire process from your house, but in South Dakota you still physically have to be in front of a notary.

© 2018 KELOLAND TV. All Rights Reserved.

  • Business
  • General
  • Housing
  • Sioux Falls, SD
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