Within the last few years, real estate lenders are further carving their niche in the industry by offering digital closings. A digital closing makes the entire purchasing process smoother for you and your clients with fewer chances of error and delay. It also increases convenience for your clients as the entire process is completed online from the comfort of your client’s coffee table. Digital closings are completed through specific programs offering eSigning, document preview, video conferencing, and remote online notarization platforms.
While the ability to complete a digital closing still varies state by state, there has been an uptick in consumers purchasing homes sight unseen. The percentage has nearly doubled the pre-pandemic rates. According to Redfin, 65% of homebuyers in 2020 put an offer in on a property they had never visited in person!
Are you a lender who thinks digital closings are great but not for your business? As society becomes more digital, innovating and being at the forefront of trends is imperative. Read on for four additional reasons to add digital closings to your services.
Increased flexibility.
Remote Online Notarization (RON) makes it possible to complete closings anytime and anywhere with a reliable internet connection. These platforms increase the speed and efficiency of a closing. From identity verification to document signing and sealing, these transactions are recorded for security and quality assurance.
Increased control for title agents.
These digital platforms manage the collection of paperwork needed for a successful closing. Appraisal paperwork, proof of homeowner’s insurance, and a good faith estimate are just a few examples of items requested to be uploaded before closing for the lender to review. Reviewing paperwork before a close allows a lender to catch any errors on paperwork, like misspellings, or wrong dates, which would delay a traditional closing by days, if not weeks.
Increased Security.
RON platforms are encrypted to ensure document security. They are also designed with multi-factor authentication to identify fraud before a signing begins.
Less time.
You can collect and upload the proper documentation for a real estate closing with a few clicks of your mouse. A digital review can take minutes through a secure platform that eliminates mail time.
While a digital closing may not be the right fit for every consumer, adding the option to your services options will help ensure you meet your consumer’s needs. The benefits of a digital closing are immense, and data points to consumers wanting increased flexibility in the closing process.
A Better Way to Close with BNN Services
Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.
Unlike other signing services, BNN Services “touches” every file 8 to 9 times, ensuring the process moves forward free of delays. That is why we have completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.
Ready to experience the BNN Services Difference? Get started today!