The Closing Table is No Place to Beta Test Technology

  • By jack

  • 31 July, 2018

Originally published in MBA NewsLink // July 31, 2018

Last August, the CEO of the nation’s top wholesale lender made a bold prediction: by the end of 2019, he said, a majority of home closings will be done online.

As a provider of eClosing services–more online eClosings have been completed using NotaryCam’s eClose360 platform than any other technology to date–you’d think I would welcome that kind of unbridled enthusiasm with open arms. In truth, my response is a bit more circumspect.

A home purchase is one of the largest and most memorable transactions in the average consumer’s life, and the closing ceremony is the capstone of the entire home-buying experience. It leaves a lasting impression on both the borrower, realtor and the other participants in the transaction, most of whom represent referral opportunities for a lender.