The closing process is rapidly changing. For closing agents, adopting eSign and eNotary technology is becoming more common. You may be currently using a hybrid form of closing where some signatures are gathered via pen and paper and others are digitally signed.
With the approval of remote online notarization gaining velocity across the United States, it won’t be long until all closings are conducted on remote devices with not a piece of paper in sight. But how do you know when it’s the right time to begin implementing this technology in your current process? How do you evaluate the tools that are offered?
Listen to my interview with Danielle Kaiser of NATIC now to learn more about what you should consider before making the move to digital closings.
Making a change to integrate eClosing Solutions in your process now, however small, has several immediate positives:
- It saves time.
- It improves quality control.
- It creates an opportunity for better consumer education.
- The closing experience is improved for all parties involved.
Save Time and Improve Quality Control
Danielle highlights how this new process can improve the customer experience and helps with quality control for title agents and lenders, “I think it can provide the signer with an overall better experience. You don’t have that overwhelming stack of a hundred papers that you’re looking at, and for the title companies and lenders involved it can help cut down on mistakes. You’re not going to miss signing a page. You’re not going to miss signing an initial. The system, the platform that you’re using isn’t going to let you finish everything until all the dates and initials are complete.”
This is a huge time saver. By working with software that tracks the required signatures and initials, you or someone else on your team will never have to waste time going back to a party to get a missed signature. This makes every closing you do more efficient.
Create Better Consumer Education Before the Closing
Many consumers don’t understand all of the documents they are signing. By using a platform that will allow them to review and sign documents before the closing that doesn’t require notarization, agents are creating opportunities to remove the stress and pressure that can come at the closing table.
Some people may feel uneasy asking questions they think they should know the answer to when sitting at a large table surrounded by real estate professionals. Signing some papers at home and getting questions answered one-on-one over the phone or over email with the title agent is far less intimidating, especially for a first-time buyer.
A Better Closing Experience for Everyone
Time is a precious commodity for everyone. Because some questions and documents will be signed beforehand, the day of the closing will be less painful and time-consuming for everyone when digital solutions are applied.
For lenders, the process of underwriting and originating loans is quicker. It’s easier to transfer consumer data collected to and from title agents when creating required closing documents.
Working in a comprehensive eClosing platform also means storing and transferring borrower documents like eNotes is seamless and secure, the servicing and selling of loans as well.
For the buyer, they’ll spend less time sitting at a table mulling over papers. They’ll receive the keys to a new house and begin the exciting process of turning it into their home sooner.
How RON Laws are Removing Legal and Psychological Barriers to Digital Closings
When it comes to digital closings, the remote piece is one of many tools. Some digital closings can be performed in-person if that’s the preference of your clients and your staff. More importantly, the legislation helps to solidify digital closings as an acceptable alternative to traditional or hybrid closings.