According to a recent survey by Ellie Mae, nearly two-thirds of Americans expect to be able to apply for a mortgage and complete the application online. Nearly one-third of all homeowners conducted mortgage research online before they applied for their last mortgage. Slightly more than 20 percent found their lender through an online search. Following the application, 19 percent of homeowners used an online resource for loan origination and 8 percent used one after closing the loan.
While lenders and customers (especially millennials) are embracing the electronic real estate process of the future, the same cannot always be said for title and settlement companies. Some are loathed to incorporate the latest technology; others are stymied by state laws that have slowed the adoption of eClosings and eNotarization.
“The technology in the mortgage origination process has gone through a metamorphosis in the past 10 years,” said Jaime Kosofsky, partner, Brady & Kosofsky, PA. “Today the consumer can search from a home online, can shop for a mortgage online, but when the borrower comes to the closing of the transaction, our industry is relying on technology which dates back to the ancient Egyptians around 2500 BC.”
During a session at this year’s National Settlement Services Summit (NS3) in Detroit June 6-8 titled “From Zero to eClosing,” Kosofsky and other industry experts will discuss eNotarizations, eClosings and the remaining roadblocks to their widespread adoption. Other session panelists include Amrock President Brian Hughes; Shane Hartzler, Fannie Mae’s director – eMortgage strategy and operations; and Brian Webster, Wells Fargo Home Lending’s senior vice president business capability development.
After the session, Hughes will lead a team in a live demonstration of an eClosing featuring a remote online notarization.
“We are but one step away from chiseling our names onto stone tablets to close a transaction, which originated with state-of-the-art technology. It’s time for the settlement agent to enter the 21st century,” Kosofsky added.
So how do title and settlement companies prepare for the real estate transaction of the future? Our esteemed panel will walk attendees through what they should be doing today to position their companies to stay ahead of tomorrow’s customers.
For more information on NS3 2018, including the agenda and a list of speakers, click here. You can register for NS3 online or click here to get information on how to register via mail, fax or phone.