Enterprise Title, Inc. - The Paperless Closing Company

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THE PAPER STOPS HERE...®
Enterprise Title plays integral role in the
first Paperless Mortgage Transaction
>>>CLICK HERE TO FIND OUT MORE<<<

Staff at Enterprise Title execute electronic documents using a digital signature tablet.

On July 24, 2000 a team of mortgage industry technology leaders met at the Weston, Florida offices of Enterprise Title, Inc. and completed the first paperless, fully electronic mortgage loan and home purchase in the United States. The loan was closed, recorded and delivered to the secondary mortgage market in less than three hours.

Securing and transferring mortgages is a complex business process with many participants, many steps, and very specific requirements for the control and management of contracts, records and other sensitive documentation.

This milestone event was completed in Florida through the combined efforts of a broad range of participants including Enterprise Title, Inc.,eCloz.com, Inc., eOriginal, Inc., Mortgage.com, Broward County Records Division, NewVision Systems Corporation (NewVision), Attorneys’ Title Insurance Fund, Inc. (The Fund), Irwin Mortgage and Fannie Mae. This paperless, electronic closing, which met the applicable requirements of state electronic transactions legislation, came on the heels of the federal E-SIGN legislation signed into law by President Clinton on June 30, 2000.

The home was sold by Arvida Homebuilders to Mr. Jose Ignacio Arroyo, by the electronic execution of a Deed. Mr. Arroyo then electronically executed the promissory note and mortgage at Enterprise Title’s office in Weston, Fla. The entire transaction was made possible using various proprietary technologies.

The deed and mortgage were electronically transmitted to the Broward County Records Division by the Post-Closing Department of Enterprise Title. The documents were verified, recorded and fees were collected electronically.

After recording, the mortgage and deed documents were instantaneously available for public search through Public Search Workstations at Broward County Records Division, or through the Internet by accessing the Broward County web site. The Fund’s electronic title insurance policy was issued immediately and the ownership of the loan was electronically transferred by Mortgage.com to Fannie Mae, completing the first purchase of an electronically originated mortgage loan by a secondary mortgage market company.

ENTERPRISE TITLE IN THE NEWS

July 26, 2000
Sun Sentinel: Broward home buyers can now seal their deals on the Internet

July 26, 2000
Wall Street Journal: Electronic Signature Is Used In Home Sale for First Time


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Enterprise Title, Inc. - Pembroke Pines 10081 Pines Boulevard - Suite C Pembroke Pines, Florida 33024 Voice: (954) 431-2000 Fax: (954) 431-8999				Enterprise Title, Inc. - Weston 2500 Weston Road - Suite 213 Weston, Florida 33331 Voice: (954) 349-9400 Fax: (954) 349-9300

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