NotaryCam and Milo Credit Team Up To Complete International Remote Online Closing Transaction

  • By NotaryCam

  • 1 May, 2019

NEWPORT BEACH, Calif., May 1, 2019 — NotaryCam®, the pioneering leader in online notarization and original provider of mortgage eClosing solutions, today announced that it has partnered with Milo Credit to complete the lender’s first remote online closing (ROC) transaction.

“Remote online notarizations and remote online closings are tailor-made for real estate transactions involving international borrowers,” said NotaryCam Founder and CEO Rick Triola. “For a lender like Milo Credit that specializes in working with international borrowers purchasing properties in the United States, the ability to complete the closing ceremony – including document notarization – remotely provides tremendous value and helps ensure a smooth, error-free closing.”

The transaction brought together a client in Venezuela, a lender in Miami, a notary in Virginia and a U.S.-based attorney from Brazil. The clients were able to complete a cash-out refinance on a property they have owned in Miami for some time.

“It was fantastic because we were able to quickly coordinate everyone and get the closing done on a Friday,” said Josip Rupena, Founder and CEO of Milo Credit. “Digital closings are the future, and we are looking to pave the way for international consumers that want to buy properties in the U.S. or cash out their home’s equity. Through our partnership with NotaryCam, we were able to deliver a better experience, close faster and make our consumer happy with the power of technology.”

Milo Credit, a financial technology company that is reimagining the way international consumers access credit in the U.S. and lends three times faster than a bank, views ROC as a way to revolutionize the lending process, decreasing both time and money spent on the transaction.

“It’s definitely something that changes the experience completely for the borrower,” added Rupena. “Their normal process to close a loan requires them to fly to the U.S. and sign documents, which has a high cost associated with it.”

“Alternatively, they can go to a U.S. embassy in their country – if there is one – where no one will explain the documents they’re signing,” Rupena continued. “This is very scary when you are taking out a sizeable loan, and no one is there to hold your hand and walk you through the closing documents. Additionally, they may be signing documents that are in a foreign language and don’t completely understand. To make matters worse, if there’s an error, they may have to go back to the embassy and sign these documents all over again.”

After seeing the ease with which this transaction was completed, Milo Credit is looking to implement ROCs for all of its loan closings moving forward.

“Remote online closings are something that our consumers need and want right now. We view them as necessary,” said Rupena. “Not only does the video recording component make the transaction more secure, but the fact that we’re able to engage with the consumer face-to-face provides a better overall experience.”