Mobile mortgage closings are making headlines. In fact, Gina Roberts-Grey has a new piece for Realtor.com titled, “Buying From Afar? Try a Remote Closing,” that reveals details on the trend, for the benefit of homebuyers.
As explained in the article, “It’s common for sellers to skip out on a home closing—all you have to do is pre-sign the paperwork and have the proceeds of the sale wired to a bank account…But buyers? You buyers haven’t been so lucky. You’ve had to take time off work, schedule a babysitter, and fight for parking near a title company downtown, all to sign a pile of papers and close on your new home.”
Remote closings to the rescue:
“But now buyers have a more convenient option…You can close on your new home at your workplace, your favorite coffee shop, your hotel lobby (if you’re traveling), or even your parents’ kitchen table.”
Roberts-Grey recently tapped Snapdocs, the leader in facilitating out-of-office mortgage closings, for numbers to illustrate the growth. From her write-up:
Aaron King, CEO of Snapdocs, a modern technology platform that simplifies out-of-office mortgage loan closings, says his company has seen significant growth in loans closed using its suite of online tools. Its mortgage loan volume—all done through remote closings—more than tripled in 2015, for an increase of 214% year over year.
“We’re currently facilitating 25,000 remote mortgage closings per month and seeing 20% growth every month,” King says.
And guess what? Since Snapdocs provided these stats a month and a half ago, the number of mobile closings that Snapdocs is helping the title and mortgage industry execute every month has risen to over 35,000!
As Roberts-Grey notes, a borrower can usually request an out-of-office closing at any time during the mortgage process, but it’s most relevant within a few days of the closing date.
“Sometimes the title company will learn that the closing must take place remotely the day of, in which case they can usually scramble to make it happen,” King says.
What’s another serious advantage of remote closings? From the story:
“Remote closings could mean more than added convenience—they also increase competition among lenders, which is a win for home buyers, King says.
“No longer are consumers limited to using mortgage lenders that have offices within driving distance,” he says. “And more options make getting a better rate and better terms more likely.”
Until now, remote mortgage closings have been a well-kept secret. Roberts-Grey shares an interesting comment that was left on Snapdocs’ Facebook page, from a mobile notary who uses Snapdocs:
“So often, when I arrive to do a remote signing, it’s the first time a borrower has heard of this type of convenience being available,” says Patricia A. Hoffman, a notary with Notary a la Carte in Holly Springs, NC. “I feel like I’m part of an underground economy.”
Let it be known: Consumers want remote mortgage closings, and thanks to modern tech tools that simplify the process, they can easily have them. Lenders and title companies can enhance the consumer experience with a convenience that feels like a luxury.
Now, as Roberts-Grey aptly sums it up, homebuyers can pick out the perfect place to close on their new home—their way.