Eltropy has announced the launch of E-Notary, aiming to enable same-day loan closings for credit unions and community banks.
Following this announcement, the new product is aimed at allowing CFIs to complete secure, state-compliant electronic notarisations during live video banking sessions.
In addition, the new capability is set to address a critical operational bottleneck that delays loan closings by days or weeks and drives member abandonment. Being built directly into the Eltropy Unified Platform, E-Notary is expected to allow credit union and community bank staff to complete notarisations in under seven minutes per signer without the need for other separate appointments, third-party tools, or branch visits. Moreover, consumers will have the possibility to complete the entire process, starting from identity verification through document signing, during a single video conversation.
Addressing a critical operational bottleneck that delays loan closings
According to the official press release, traditional in-person notarisation creates significant friction for both CFIs and their consumers. Moreover, as approximately 5.1 million US credit union members live outside convenient branch access, in-person mortgage notarisations typically require multi-day lead times for the processes of scheduling and document registration. At the same time, each in-person or mobile loan signing costs up to USD 200 in notary fees alone, plus additional expenses for travel, printing, courier services, or staff coordination.
Furthermore, credit unions and community banks are currently losing loans to fintech lenders and larger banks that offer same-day remote notarisation, while consumers expect the same digital-first experiences they get from other financial services providers. With this in mind, E-Notary aims to give CFIs the needed tools in order to compete on speed and convenience while maintaining the relationship banking that sets them apart.
E-Notary was developed in order to support multiple departments beyond lending, including contact centers for first-call resolution, treasury services for coordinating multiple authorised signers, as well as wealth management for serving high-net-worth clients and customers remotely. Alongside this, community financial institutions will be enabled to develop reusable templates with predefined signer roles and notary fields to maintain consistent, compliant workflows across teams. The solution has already received approval from several state regulators, with multiple additional states currently being in the final approval stages.
