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Will 2023 Be the Year that Digital Closings Enter the Mainstream?

Will 2023 Be the Year that Digital Closings Enter the MainstreamAs we enter the fourth quarter, it would be pretty hard to ignore the elephant in the room. The market is definitely down. We are correcting after a historic run of refinance volume. But, again, we remain optimistic, as Fannie Mae recently doubled down on its over $2 trillion forecast for overall volume (mostly purchase) in 2023. No, it won’t be simple or easy with rising interest rates and potential recession. But it won’t be impossible, either. And it’s during times like these that the true innovators step forward, and the technologies and concepts once considered “for the future” become mainstream in the industry.

While it’s been in the news for a couple of years, that pivot to purchase will likely only drive lenders, REALTORS and title agencies alike to push harder for the adoption of RON and eClosings on a widespread basis. We at NTS have seen a surge of demand in places like Texas and Florida as well. And while it may have been the pandemic lockdown that drove the previous spike, it will be an interest in streamlining the process, speeding the closing and eliminating costs in the never-ending battle against margin compression (for lenders) that will likely drive the next surge. After all, some have found that eClosings can save lenders up to $444 per loan and title agents up to $100 per loan. Well, that and consumer expectations. After all, if one can close a student or personal loan on an iPad while eating dinner, why should it take almost 60 days and dozens of pages of paper to close a mortgage?

If you’re a title agency that hasn’t quite gotten up to speed yet with the complexities and technologies required to pull off RON or a digital closing, there’s no reason to panic. NTS partners with title agencies, empowering them to market their increased eClosing capabilities to lenders hungry for qualified service providers able to keep pace with their own digitalization. And lenders, if you’re not thinking about digital closings, know that your competitors are. Real estate agents are also seeing eClosings and RON as a solution to one of their greatest challenges—the “dark” period of anxiety, back-and-forth and customer handholding during the final few weeks before closing. They’d rather be closing the deal faster and moving on to the next listing!

Not sure where to start? Contact us at NTS. We’ve seen thousands of eClosings and RON signings and partner with the very best providers and technologies in the space. We will certainly have ideas for those looking to take that next step.

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