The Closing Table is No Place to Beta Test Technology

  • By rick

  • 31 July, 2018

Rick Triola is Founder and CEO of NotaryCam, Newport Beach, Calif., a provider of remote, online notarization and identity verification systems. He has decades of real estate industry experience, in New York and California, in residential and commercial, in sales and settlement. Since 1999 he has been a tech entrepreneur, focusing on eSigning, eNotary, and his “holy grail,” a completely electronic, frictionless, real estate and mortgage eClosing. In 2017, MBA Insights honored Triola as one of its Tech All-Stars.

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.