CHCP Technology & Digital Closing Platforms 5

Question 1

What is the primary difference between a 'full RON closing' and an 'in-person electronic notarization (IPEN)' closing?

Accepted Answer

RON allows the notary and signer to be in different locations via video; IPEN requires both to be physically present

Answer

In a RON closing the notary performs the notarization remotely via audio-video technology, while IPEN requires the signer to appear in person before the notary even though documents are signed electronically.

Question 2

Which cloud infrastructure feature is most critical for ensuring a digital closing platform remains available during peak transaction periods?

Accepted Answer

Auto-scaling and load balancing

Answer

Auto-scaling automatically adds server capacity during high-demand periods and removes it when demand drops, preventing outages and maintaining performance during peak closing times.

Question 3

What is 'electronic lien release' in the context of digital closing technology?

Accepted Answer

A digitally executed and recorded document that releases a paid-off mortgage from the property's title

Answer

An electronic lien release is a digitally signed satisfaction of mortgage that is transmitted and recorded electronically, clearing the paid lien from the public record without paper.

Question 4

In a digital closing workflow, what is the purpose of 'pre-closing document review' by the borrower?

Accepted Answer

To give borrowers time to review and ask questions about their closing documents before the actual signing session

Answer

Providing documents for borrower review before the closing appointment reduces confusion, speeds the signing session, and supports informed consent — a core principle of digital closing best practices.

Question 5

Which risk does a digital closing platform mitigate by maintaining a comprehensive audit trail?

Accepted Answer

The risk of disputes about when, by whom, and in what form documents were signed

Answer

An audit trail time-stamps every action — document access, electronic signature, notarization — providing irrefutable evidence of the closing process if any party later disputes execution.

(CHCP) Certified Home Closing Professional Practice Test

(CHCP) Certified Home Closing Professional Practice Test

CHCP Technology & Digital Closing Platforms 5