Aaron King, CEO of Snapdocs, a modern technology platform that simplifies out-of-office mortgage loan closings, says his company has seen significant growth in loans closed using its suite of online tools. Its mortgage loan volume—all done through remote closings—more than tripled in 2015, for an increase of 214% year over year.
“We’re currently facilitating 25,000 remote mortgage closings per month and seeing 20% growth every month,” King says.
And guess what? Since Snapdocs provided these stats a month and a half ago, the number of mobile closings that Snapdocs is helping the title and mortgage industry execute every month has risen to over 35,000!
As Roberts-Grey notes, a borrower can usually request an out-of-office closing at any time during the mortgage process, but it’s most relevant within a few days of the closing date.
“Sometimes the title company will learn that the closing must take place remotely the day of, in which case they can usually scramble to make it happen,” King says.
“Remote closings could mean more than added convenience—they also increase competition among lenders, which is a win for home buyers, King says.
Let it be known: Consumers want remote mortgage closings, and thanks to modern tech tools that simplify the process, they can easily have them. Lenders and title companies can enhance the consumer experience with a convenience that feels like a luxury.
Now, as Roberts-Grey aptly sums it up, homebuyers can pick out the perfect place to close on their new home—their way.