Are digital closings really worth it?
Many lenders are familiar with digital closings (eClosings), but they might not know just how?valuable they can be to their business.?In a recent study, Marketwise and?Notarize?found that?digital closings shorten the time it takes to close, reduce errors and increase ROI — all while?improving customer experience.
Lenders don’t have to offer a full digital close to reap the benefits of eClosings. In fact, every?element of an eClosing — from online notarization to eNotes — delivers ROI.?For lenders looking to gain an edge in performance and appeal to a wider range of buyers, offering eClosings is a good place to start.
What is an eClosing?
An eClosing is an online or digital mortgage closing. A “full” eClosing is a complete electronic?closing of all loan documents, including online notarizations and eNotes. With full eClosings, all parties involved — including lenders, title agents and home buyers — can complete a mortgage closing from anywhere by using technology.
A full eClosing includes the following elements:
●Electronic documents – Documents in the loan package are sent digitally to the borrower?for their electronic signature
● Electronic signatures (eSignature) – An accepted online alternative to an “ink” or “wet”?paper signature
● Online/remote online notarization – An online session for loan closing participants to?validate identity, sign and notarize electronic documents