Over the past several months, I’ve spoken a lot about what the digital closing experience looks like and how it functions. Today, I want to take a step back and revisit the why behind this new approach. It’s more efficient, certainly, but for many people efficiency alone is not enough to encourage expedited adoption or elimination of the remaining regulatory restrictions. At the end of the day, the true why behind a digital closing experience is convenience.
Today’s consumers are not only mobile, they are focused on convenience. New eClosing technology enables us to serve our consumers in multiple locations and time zones – and according to their availability.
Last week, our team in Washington performed the state’s first ever seller-executed real estate closing, using an online notary, for a US expat traveling in Africa and unable to return home to complete the transaction in person. Rather than the customer having to locate a notary at a US Embassy, we were able to close the transaction online – bringing convenience to the customer. This transaction was made possible using NotaryCam’s eClose360, which enables mortgage closings to take place entirely online.
“Using NotaryCam, we can close transactions online for consumers around the world, essentially bringing the closing to them, at a time convenient for them,” said Wyomia Clifton, Senior Division President, Northwest States. “We have a highly dynamic marketplace in Washington, with executives from large companies, such as Microsoft and Amazon, that frequently travel domestically and abroad, which makes traditional closings difficult, delayed or impossible.”
Just a few years ago, a transaction like this would have been unheard of. Currently, eClosing technology is only available in a limited number of states, and Stewart underwriters are playing a significant role in helping us navigate these laws and regulations – as they rapidly change day by day.
Integration of eClosing technology across our global network will further improve our ability to reach our customers – no matter where they may be located – by removing the need to attend closings in person. In partnership with Stewart’s underwriting team and multiple lenders and vendors, we are moving full-speed ahead towards global adoption of eClosing technology. It is my hope that you will join us in this journey as we take our digital closing experience to the next level – improving convenience for our customers.