Get a Digital Closing Boot Camp on Your Calendar – ALTA
The Digital Closing & eMortgage Boot Camps – brought to you by the American Land Title Association and the Mortgage Bankers Association – will help your business navigate the digital closing process for the new decade. There are three sessions planned around the country, one in December and two in 2020.
Lenders Gauge the Success of Going Digital – Mortgage News Daily
Fannie Mae asked lenders, as part of its third quarter Mortgage Lender Sentiment Survey, about their digital transformation efforts. The company says that, in previous surveys, lenders have consistently shown a strong interest in leveraging technology to improve both the front-end consumer experience and back-end operational efficiency.
Quicken Loans announces ability to perform eClosings in all 50 states – HousingWire
Quicken Loans announced in October that it is the first lender to develop the capabilities to perform electronic mortgage closings in all 50 states.
This is significant given the size of the company and its market share. Home Mortgage Disclosure Act data from 2018 shows that Quicken was the second-largest mortgage originator for the year by mortgage volume, originating $81.4 billion in loans and holding 4.7% of total origination volume, according to HMDA data prepared by iEmergent.
Digital Doesn’t Have to Be Disruptive –The Harvard Business Review
The FNF Digital Solutions Team picked this piece because we felt like a lot of the information in this article could apply to our agents as you work to determine how digital best helps you and your customers. Hopefully, it alleviates some potential fears you have and gets you excited about everything this technology can offer your business! Check out this excerpt:
It’s not surprising that many managers expect digital transformation to involve a radical disruption of the business, huge new investments in technology, a complete switch from physical to virtual channels, and the acquisition of tech start-ups. To be sure, in some cases such a paradigm shift is involved. But our research and work suggest that for most companies, digital transformation means something very different from outright disruption, in which the old is swept away by the new. Change is involved, and sometimes radical replacements for manufacturing processes, distribution channels, or business models are necessary; but more often than not, transformation means incremental steps to better deliver the core value proposition.
More States Legalize Digital Home Closing Process – Think Realty
Iowa is the latest state to allow buyers to electronically close on a home, continuing a shift across the country to make mortgage transactions more efficient.
To close out April, Iowa Gov. Kim Reynolds signed a law that enables digital closings for mortgage transactions, digitizing a time consuming and paper-intensive process.
Fidelity National Financial remotely notarizes Texas property purchase – HousingWire
Fidelity National Financial helped clients complete a real estate closing in Texas, even though the parties were in separate parts of the Lone Star State.
Indeed, the property sellers were in Austin, while the escrow officer was just south of Houston. No matter, FNF closed the gap between the two digitally.
Remote Notarizations Available for Fidelity National Financial Network – MReport
NotaryCam, a provider of online notarization and mortgage eClosing solutions, announced that Fidelity National Financial (FNF), will allow the use of NotaryCam to deliver remote online notarization (RON) and remote online closing (ROC) capabilities to FNF’s network of direct title and settlement operations, as well as its network of independent title agents. Most recently, FNF used the NotaryCam platform to complete its first remote notarization in Texas.
Fidelity National Financial takes digital closing nationwide – HousingWire
The digital real estate closing revolution is about to take a giant step forward, as the nation’s largest title insurance company is rolling out hybrid and fully digital closing options throughout its entire title insurance network.
How Many Trees Can Be Saved With Fully Digital Home Closings? – Redfin Blog
So, just how much paper would be saved in the U.S. if every single home closing was fully digital? Let’s break it down:
There were about 6 million home sales last year in the U.S. and about eight out of every 10—roughly 4,800,000—included a mortgage. For the sake of simplicity, we’re limiting this analysis to home sales including mortgages. The total documentation required to close a home sale—including the loan paperwork along with title, tax and various other legal documents—generally totals around 200 pages, according to Redfin Mortgage head Jason Bateman, though the pile of paper can be up to 2,000 pages.
Say goodbye to all that paperwork: Digital mortgages have arrived – Washington Post
If you’re a move-up buyer looking to purchase your second home, you might be pleasantly surprised by changes in one aspect of your experience: You can now apply for your mortgage completely online, rather than having to deal with all the onerous paperwork of yesteryear.
Check back soon for more Digital Closing news!