Following my article last month on the future of real estate and technology, I received several questions about how we completed the industry’s first-ever full online eClosing and how we selected the most appropriate tech solution. This is a very important question, and there are four key insights to take away from our rollout.
First, we understood that integrating the right technology would be crucial when implementing online eClosing – especially across a large company. The technology platform would ultimately make or break the online eClosing experience for our associates, agents, lenders and the home buyers and sellers. It’s the difference between a fast, efficient transaction and a long, complicated process. Everyone involved benefits from the availability of top-line technology, which enables our business (and the title and escrow industry) to remain ahead of the digital curve.
Second, each of our local offices and communities are different, and are governed by unique state laws and regulations, which dictate which types of eClosings they can complete. Our Senior Compliance Counsel, Dawn Lewallen, has been instrumental in helping Stewart navigate these laws and regulations in each state – ensuring we remain compliant and up-to-date on regulatory changes. You can find some of her most recent work on eClosing here.
Third, it was important that we find a technology solution that can integrate with each and every system or configuration our offices or lender partners might have – and do it quickly. After months of test-and-learn, we were able to do just that. We have the technology needed to work with any lender, regardless of the technology systems they use. We have also mapped out a process to outfit our local offices with the full tech capability quickly and efficiently – while keeping up with the rapidly changing regulatory landscape and requests from our lender partners.
And fourth, it was necessary to avoid business interruption during this process. To solve for this, we involved team members throughout the company in our strategic planning process, carefully considering every touch-point of the rollout and ensuring our strategy was sound before moving forward. Getting this buy-in from associates ultimately ensured that we have a streamlined internal process to roll-out the new technology, which positively impacted the ease of transition. Open dialogue with our associates during this process also helped ensure the customer remained top of mind for a seamless closing experience.
As we continue to move forward with both online eClosings and eEnabled offices, consideration of each of these factors will help ensure that we will stay ahead of the curve as new technologies are introduced. It’s vital to not only think about current state but also about the future. Technology integrations must evolve over time and continually adapt to the rapidly changing digital landscape and business priorities. At Stewart, we are excited for the future of eClosings, and we remain committed to being on the front of this technology.