Benefits of Digital Closing
For the past ten years or so, the mortgage industry has been looking for ways to speed up transactions. The industry has been enjoying technological innovation as lenders and start-ups seek ways to simplify, automate and accelerate the mortgage origination process.
Electronic documents are being encouraged more frequently to streamline the mortgage process. U.S. federal and state laws that permit lenders to originate e-mortgages in any state and deliver them to investors for purchase and now interest in e-mortgages is picking up speed.
Getting the Closing Process to go Digital Like Loans
Finding success using technology to speed up the loan processing process, lenders are now turning to their wing mates—title and settlement companies—to deliver similar results to the closing.
Electronic closings offer potential advantages over traditional closings for several reasons. The first is that it improves efficiency of the transaction and makes it more transparent. Second, it’s a less paper-intensive closing that saves time. Finally, in states that permit remote online notarization (RON), consumers can close almost anytime, anywhere.
Lenders can use digital closings to better serve borrowers. Reduced paperwork can offer an improved closing process and better experience. A digital closing process also improves data quality by reducing errors caused by missing documents or signatures. Since notes from an electronic closing are already digital, they can be quickly be transferred to an investor.

It’s inevitable that digital closings will one day become the norm, and most likely sooner rather than later. Lenders and settlement agents – indeed, everyone involved in the real estate transaction – will experience significant benefits from this transition, including reduced transaction costs, greater efficiencies, expedited turn times and improved consumer satisfaction.
COVID-19 and Closing the Loan
The signing experience is taking on a new light in COVID-19 as safety and health become the primary focus of all transactions. Business are having to change the way they do things in order to protect their customers and clients.
Other Real Estate Transactions Are Now Digital
Over the past few years, lenders, real estate agents, and title & escrow businesses have been integrating technology to appeal to client need for instant information access and communication. Today, nearly every stakeholder in the real estate transaction already uses digital touch points to streamline their life, businesses and other transactions, so the trend is quite familiar.
In the current environment, digital tools are especially necessary. COVID-19 has required reduced in-person contact. Rapid adoption of digital tools such as virtual home tours, digital loan origination, secure communication portals, e-signing tools, and remote online notarization (RON) where possible, are being used by real estate agents to manage this new way of life. Even after social distancing ends, these digital changes will have made an impact on the industry.


The Closing Table Experience in COVID-19
The growing use of digital tools in real estate transactions magnify the importance of a positive closing experience which could be the only (and is certainly the final) face-to-face interaction a homebuyer will have.
When considering the significance of the closing experience, the value of a knowledgeable closing attorney cannot be understated. If you are in Atlanta or the surrounding area, check in with the Troy King Law Firm, as we ensure an efficient digital closing that will allow for collection of documents, pre-signing of forms, and quick and secure communications.