The future of mortgage closings

The future of mortgage closings

A painstaking, uncoordinated movement to fully adopt remote online notarizations nationwide and complete end-to-end digital escrow mortgage closings is gaining even more traction as the real estate industry launches into a new decade in 2021.

But depending on where you work in housing, it can feel like a bumbling snafu, a noble attempt that’s stuck in slow motion, or maybe even a lifelong crusade where patience and persistence will eventually win the day. Where does the industry go from here?

Combined with real estate’s technological adaptation that’s kept transactions healthily moving during the coronavirus pandemic, recent events are signaling that complete electronic mortgage closings on a much larger scale could be the next big shift in property transactions.

The pandemic is injecting even greater urgency in endorsements of eClosings at the county and state levels from several private sector leaders in residential real estate — and perhaps a few public policymakers who might not be holding out too much longer.

“It’s not insurmountable to get permanent RON laws passed over the next few years by states that haven’t done so,” said Bill Anderson, vice president of government affairs for the National Notary Association in Chatsworth, Calif. “But there’s got to be a will to make it all happen.”

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