Digital closings are advantageous during the time of physical distancing. They are also the future of the mortgage industry. Even without guidelines to stay home, many customers prefer to conduct business in the comfort of their own home.
The fact is, if your business isn’t able to adapt to changing technology — now more than ever — its lagging.
Digital closings are a way to process closing documents through an online platform deployed by Evergreen. The portal allows borrowers to access, review and sign a majority of closing documents from their handheld or desktop device. Documents can be accessed from anywhere, eliminating the need for borrowers to leave their home unless critically necessary. In some states, you can even use Remote Online Notarization (RON). This allows the customer to meet virtually with a notary. After verifying the customer’s ID, the notary will place a digital notary seal on the required documents. It also saves the lender or escrow company a significant amount of time and the ability to facilitate more closing appointments.
In 2019, Evergreen completed more than 5,000 digital closings, accounting for 40% of all loans closed that year. As a direct correlation, 2019 was a record year of funding for Evergreen, the highest in company history.
- An average of 70% of eligible loans close with eClose
- In February 2020, over 85% of customers previewed their closing documents online
Reaching the 5,000 mark shows that consumers and business partners are looking for a digital solution that makes the closing process easier and meets consumers where they are—in the palm of their hands.
In 2020, Evergreen plans to expand its offering even further by implementing electronic Notes for delivery to Fannie Mae and Freddie Mac. Currently, Evergreen employs other digital mortgage options, such as asset aggregation and income automation for an even more seamless consumer experience.
Even after COVID-19, changes to processes like digital closings will become more prevalent. Technology will continue to drive consumer decisions, and many services previously conducted in person will move to online options.
If you’re in the mortgage or real estate industry, it’s time to consider digital closings. Online offerings save time and resources and improve consumer satisfaction, which in turn improves business and reputation. A digital close is relevant and advantageous no matter the current environment.
Interested in learning more about our eClose program and closing remotely? Find more information on Digital Mortgage Advantages or contact your nearest branch location.