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Homebuying, Selling & Relocating
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Our VP of Operations shares about implementing DigitalMove eClosing
Electronic closing is available to every lender in the country, yet many have yet to jump on board. At Premia Relocation Mortgage, we slowly introduced our
eClosing late last summer to our home purchase borrowers. We have found internal and external rewards.
We began by dipping our toes into the electronic closing water, treading lightly and listening to our borrowers. Surprisingly, or maybe not surprisingly, they wanted to help us change the closing process. Our borrowers shared and we learned what they needed to know in order to be confident in e-signing documents. They were encouraged that the system was like electronically signing initial disclosures and that it would not let them miss a signature. Thus, not requiring a return visit to the settlement office for a missed signature.
Title and settlement agents were eager to get onboard too. Currently, 90% of the closing documentation on a purchase or refinance loan can be signed electronically. This means less time in the closing office for borrowers while making the settlement agent’s job easier.
Our team was eager to figure out how to make this process “the norm” and increase satisfaction. We feel a sense of pride when a family with children is in and out from a closing appointment in 15 minutes. Long gone are the days when we sent coloring books and crayons to the settlement office as a goodwill gesture.
Recently, a family applied with us on 1/16 as they were relocating from France to South Carolina. The family, including children ages 6 and 8, arrived after a trans-Atlantic flight and needed an easy closing. On 2/13, they used our
eClosing which took 15 minutes and then were off to unlock the doors of their new home. The closing went smoothly, the borrowers loved it, and the closing agent had everything they needed in 15 minutes.
Because of the success and feedback from our borrowers, we are greatly increasing the number of
eClosings each month. We look forward to investors accepting a full electronic closing with 100% of documents being electronically signed at closing. For borrowers, especially those who are relocating due to employment, its long overdue.
- By Andy Nimmo, VP of Operations, Feb 14, 2020
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