NOVEMBER 2020 ISSUE
We’re in the home stretch of 2020. Given the unprecedented challenges of this year, I am impressed by how remarkably flexible and adaptive our industry has proven to be. We have witnessed dramatic shifts in client needs since March that have forced our industry to get creative and implement powerful technologies that, in some cases, are likely to become the new standard.
For instance, in April, we started to see the adoption of RON and e-signing capabilities. By the end of May, most states had passed some form of RON legislation. Fast forward six months and not only is RON usage likely to grow and stick around for the long-term, but borrowers are increasingly satisfied with the experience.
At the recent Mortgage Bankers Association (MBA) Annual virtual conference, Department of Housing and Urban Development Secretary Brian Montgomery said he expects RON will become the new normal: “For our market activities, electronic closings, notarizations, securitizations—these are all aspects of the business that are not going away.”
During another MBA Annual session titled, “COVID Hit. Social Distancing Followed. Is RON the Solution?” industry leaders discussed the future of RON and what must happen to see further adoption. With the numerous variances in RON regulation from state to state, uniformity would go a long way, according to DLA Piper US Partner Margo Tank. From security measures, to the information notaries must collect, to even how long a notary’s logbook must be stored, each state has their own set of standards for the usage of RON.
A recent survey, conducted by STRATMOR Group and sponsored by ClosingCorp, looked specifically at recent borrowers’ experience with technology during the purchase and refinance process. The survey found that the vast majority of borrowers said their closings—which occurred between March and September of this year—were efficient (95%) and that they were satisfied with the process (90%) even though most of the transactions involved e-signing and remote closings. In addition, 89% of homebuyers and 84% of refinancers e-signed either disclosure or closing documents, or both.
“As we’ve seen throughout 2020, this crisis is accelerating adoption and acceptance of e-transactions, and when things return to normal, e-signing and e-closings will be the new normal,” said Bob Jennings, CEO of ClosingCorp.
“Despite the disruption caused by the pandemic and the workaround that the lending and title companies have had to quickly put in place, borrowers continue to be satisfied with the mortgage closing process,” said Jim Cameron, Senior Partner at STRATMOR Group.
As innovators in the settlement space, we are always excited to see the adoption of technology that not only simplifies the closing process for borrowers, but also enables our clients to continue to provide seamless curative and document solutions.
reQuest IS BETTER THAN EVER
Speaking of new and improved technology, have you noticed the recent revamp of our reQuest portal? Based on your feedback, we completely overhauled our reQuest platform from the ground up to create a true web-based portal that is fast, modern and highly intuitive. The new portal allows you to place orders, track performance and review payment status—all in one central location. Learn More >
DID YOU KNOW?
2020 has certainly proved that we are all juggling a lot, so why add more to your plate? Did you know you can combine our Release Tracking and Title Curative services for greater efficiency and cost savings? Call or email us today to find out how.
Congratulations to our two winners from this year’s NS3 2020 conference—Claire Bartos, President of Escrow Institute of California, and Alan Chang, Vice President of Title at JetClosing. Scoring more than 60,000 activity points combined at this year’s conference, Claire and Alan both won YETI prizes for their participation!
Congratulations also to Brianna Dowling of Land Title Guarantee Company in Colorado. Brianna was the winning bidder at the recent Colorado Land Title Association/PAC Virtual Silent Auction event. Brianna chose our donation of a Multi-Media Home Theater Package that included a 1080p mini projector, tripod & carry bag, and a 110” outdoor/indoor foldable projection screen.