Paragon is Here to Lend a Helping Hand.
(Literally)
Currently, Lenders generally do not allow Borrowers to eSign Loan Documents.
Until that changes, eClosings will not become the norm for refis or Buyers purchasing a property with a loan.
A Hybrid Solution.
We have a plan that may allow us to provide you the eClosing experience you deserve while satisfying the Lender’s requirement for ink signatures and paper documents. All you need is one ink signature and a Helping Hand.*
*As detailed below, costs and restrictions apply. Always be sure to inquire of the lender before choosing to this closing option.
A Paragon Helping Hand.
A Power of Attorney.
We will prepare a Power of Attorney appointing a member of our Staff to sign on the Borrower’s behalf, after the Borrower has approved the closing documents.
This will be the only required title document that a Borrower would have to ink sign in front of a Notary.
An eClosing with a Paragon Attorney.
Once loan docs are finalized, a Paragon Attorney will perform an eClosing for the Borrower using the familiar service, Docusign.
The Borrower will review, complete, and digitally sign an internal copy of the loan docs with the help of a Paragon Attorney.
Once the loan docs have been reviewed and digitally signed by the Borrower, the Paragon Signing Agent will take care of the rest.
A Signing Agent.
The Paragon Signing Agent will then take care of signing the Borrower-approved docs in ink.
The Signing Agent will not make decisions for the Borrower, but would lend a helping hand to sign the loan docs that the Borrower approved.
Once the ink signatures are applied and approved by the Borrower, Paragon will submit the paper docs to the lender.
The total cost of the POA Prep and Staff Signing is $200. This fee is in addition to fees charged to record the POA in the land records. ($35.50 in DC and $24.00 in MD)
A Reasonable Cost.
An Important Note.
We have had success with this innovative plan, but it is very important to note our ability to use this option is entirely subject to lender approval. Not all lenders will allow us to sign for the Borrower, but if they will, it’s a service we are happy to provide.
“The global spread of coronavirus continues to have profound effects on our daily lives. As we navigate these uncharted waters, we do so knowing that we are in this together.”
— Paragon Title