The Ultimate Signer Experience: How Tech is Driving Change for Title Agencies
By Michael Chodos
Title agents have always been at the forefront of the mortgage experience: they are trusted guides to usher signers through one of the most important decisions of their lives. With so much riding on the home buying and seller process, it’s up to the title agent to ensure that the consumer’s experience is the best one they can have. So how are today’s mortgage technologies driving change when it comes to the signer experience?
An even more streamlined, efficient process for title agents: Topping the list of benefits that technology affords title agents is a more streamlined, efficient process. Empowered by these tools, it’s never been easier for title agents to interact with their signers or answer their questions ahead of a signing. Streamlining the pre-signing experience provides a solid segue into the signing itself.
Convenience for signers: Signings traditionally happen at the title agent’s office. With online and remote notarization technology, signing sessions can now happen wherever the signer is located. There’s more: armed with today’s technology, signings can now also happen on-demand, all thanks to technology platforms that support signers around the clock.Borrowers can review their documents ahead of the signing and sign anywhere in the world, as long as they have a wi-fi connection and a camera-enabled cell phone or computer. This is especially helpful for Americans living abroad who are closing on a home. They no longer have to wait weeks for an appointment at the Consulate or take a round trip flight just for the signing. Instead, signers can log on right from their table and sign when it’s most convenient for them.
Reduced opportunities for errors: The combination of humans and hardcopies creates countless opportunities for errors and missed signatures during a closing. With mortgage technology, documents are all electronic, creating a single source of truth for signers and title agents alike. In the event that trailing documents need to be issued, title agents will no longer have to race to print, ship, or send hardcopy documents. With technology, trailing documents can be issued with just a few clicks.
Simplified post-signing interactions and access: After a document is signed electronically, technology makes post-signing activities easier than ever. Electronically signed documents are easier to track, audit, and record. Consumers can access them whenever they choose. Recipients can check to make sure they haven’t been tampered with. And the most critical documents, including e-notes, can now be tracked and indexed throughout their entire life cycle. Technology tools are enabling title agencies of all sizes to create an even smoother signing experience. Unlike some industries where technology has completely replaced the human component, in the mortgage industry technology is enhancing the human interaction between agent and customer, not replacing it. As more and more mortgage technology companies continue to integrate, the signer experience will improve dramatically for years to come.
Michael Chodos, senior vice president and general counsel of Notarize; Alan Fields, senior vice president and director of underwriting services for WFG National Title Insurance; Brian Hughes, president of Amrock; and Nancy Pratt, vice president of partner relations and government affairs for Pavaso, will discuss this topic during the session “NextGen Closings” at ALTA ONE. Click here to register for ALTA ONE.