North State Bank Mortgage, a division
of North State Bank, completed North Carolina's first fully-electronic closing
for a home purchase, said J. Kenneth Sykes, president of North State Bank
Mortgage. The eClosing took place at the Keller Williams Realty office in
Mooresville, North Carolina and was led by the law firm of Brady & Kosofsky
via video conference from Matthews, North Carolina. Jamie H. Harrington (NMLS#
111660), mortgage market manager for North State Bank Mortgage, served as the
loan officer.
This transaction marks the second
eClosing in the state. The first was completed in early May by North State Bank
Mortgage for the refinance of an existing mortgage. Thursday's closing was
watched by live video feed by over 100 state officials and representatives from
throughout the financial services industry.
"eClosings are a game changer
for the mortgage industry and we are pleased to be the first bank in the state
to offer this capability," said Sykes. "eClosings offer the utmost in
flexibility, removing the need for everyone to gather at the attorney's office.
With a secure internet connection and an eNotary, a borrower can close from the
comfort of their home or office. eClosings are 100% paperless, meaning the Deed
of Trust, the Note and all other documents are presented, signed and secured
electronically."
North State Bank President and CEO
Larry D. Barbour commented, "In 2010, North State Bank grew mortgage
services from a relatively small part of our business to a division of our
Company that now has offices throughout the state. As a Company, we are
committed to being the best of the best and North State Bank Mortgage is
fulfilling that commitment by being at the forefront of the eClosing
movement."
About North State Bank Mortgage
(NMLS# 411971):
North State Bank Mortgage is the
mortgage lending division of North State Bank, with offices in: Apex,
Fayetteville, Garner, Greensboro, Hendersonville, Hickory, Kernersville,
Lexington, Raleigh, the Outer Banks, Wake Forest, Wilmington and Winston-Salem.
About North State Bank:
Founded in 2000, North State Bank, a
wholly-owned subsidiary of North State Bancorp ("the Company" –
NSBC), is a full-service community bank serving Wake and New Hanover Counties
through seven full-service offices.
This news release may contain
forward-looking statements. Actual results may differ materially from those
projected in the forward-looking statements for various reasons, including our
ability to manage growth, changes in real estate values and the real estate
market, regulatory changes and increased deposit insurance assessments,
economic conditions, changes in interest rates, substantial changes in
financial markets, loss of deposits and loan demand to other savings and
financial institutions and our limited operating history.
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