Uncover answers to common eClosing questions, like what is an eClosing, what are the benefits of eClosings, and what to look for in an eClosing...
You’d be hard-pressed to find industries as complex, niche, and regulated as title, mortgage, and real estate. Technology has emerged to help streamline these complicated transactions and ease the operational burdens of executing them at scale. While generic, standalone eClosing tools may have been the best option during the height of the pandemic, now that the dust has settled, you may need more than a one-trick pony to achieve your goals of operational efficiency and superior customer experience.
Let’s discuss why investing in a comprehensive eClosing solution built on a single platform specifically for the real estate industry can save your business time and money, while elevating the customer experience.
Consolidating vendors is important to any business, and title companies and real estate law firms are no exception. Vendor consolidation can offer many benefits, including lowering business expenses, saving time on administrative and transactional tasks, and simplifying the digital closing process. Investing in an all-in-one eClosing solution that can handle all closing types, including hybrid closing and fully remote closing, allows your organization to create a standardized and repeatable process for escrow officers, customers, closers, notaries, post-closing teams, operations, and more.
Increased operational efficiency and less human error
With multiple eClosing tools, employees are likely bouncing from screen to screen and program to program. This choppy workflow can drastically reduce productivity and efficiency, and even lead to feelings of real estate burnout. With many data entry points, the risk of human error also increases for the organization, often leading to poor data hygiene and a less-than-desirable customer experience, especially if the system’s information results in inaccurate closing packages. An all-in-one eClosing solution, like Stavvy, has guard rails in place, ensuring that accurate information is entered and a secure flow of data is possible.
The pandemic required some organizations to purchase generic, standalone eClosing tools when in-person closings were put on pause. Over time, these products and services may have stacked up, costing the business unnecessary capital to use, manage, and maintain. Consolidating to an all-in-one eClosing solution with subscription-based pricing, like Stavvy, can help title companies and real estate law firms budget accurately and reallocate funds.
Enhanced security and product stability
A large technology stack is challenging to manage, and standalone tools outside of a single platform experience tend to be more vulnerable to security threats and can provide issues with buggy user experiences. One platform built for the real estate industry can ensure your transactions are compliant and secure. The Stavvy platform, for example, was built with the user experience and compliance in mind. Stavvy maintains a MISMOⓇ RON certification and SOC 2 Type 2 audit report, demonstrating a commitment to protecting the confidentiality, integrity, and availability of customer data.
Process quality and consistency
When you invest in eClosing technology, product adoption is paramount. With fewer tools to learn and master, staff can get up to speed quicker, maximizing productivity and efficiency. One streamlined digital closing process on a single platform can enhance cost-effectiveness across the organization. Having everything the business needs in a single platform, including eSign, IPEN, RON, identity verification, document and data management, and eNote, can be more efficient than standalone eClosing tools.
Related content for you: The business challenges title agents face in 2023 (and how to fix them)
In a recent survey conducted by Housingwire, title and settlement professionals shared their digital closing insights. Here’s what we learned:
- 60% of title professionals shared that customers, lenders, and real estate agents ask for eClosing by name and are driving digital adoption across the ecosystem
- 55% of those surveyed found time savings to be the primary driver for eClosing at their organization
- 52% of survey respondents cited cost savings as central to why they’re offering or considering eClosing
- About 49% of respondents claimed a competitive advantage as the reason they are interested in moving to or have already added eClosing to their service offerings
- Over 89% of title companies are embracing eClosing in 2023, with 64% of surveyed title professionals stating that their organization promotes digital closing to attract new customers and retain existing ones
There’s no denying that title and settlement companies and real estate law firms need eClosing software to meet the demands of consumers and the industry today. However, with so many eClosing tools available, choosing the right one can be hard to do.
Stavvy’s eClosing solution was designed for real estate professionals
Forget the one-size-fits-most approach to real estate closing. The Stavvy eClosing solution is available on a secure platform. It is flexible, so you can offer your customers and partners the exact closing experience that is right for them, all while reducing costs and increasing productivity. We may be biased, but we believe it to be the perfect tool to help streamline your closing process and enhance the customer experience in today’s ever-changing real estate market. But don’t just take our word for it; many title companies agree.
Stavvy’s eClosing solution:
- Built for real estate transactions by industry professionals
- Ability to choose between hybrid eClosing or full eClosing from a single platform
- MISMO RON certified and SOC 2 Type 2 audit report
- Unlimited meeting participants
- In-meeting identity verification via knowledge-based authentication and credential analysis
- Secure platform access with multi-factor authentication (MFA)
- Collaboration and communication with transaction stakeholders, including real estate agents, signers, and mortgage lenders
- Document management and tamper-proof technology that guarantees access to a secure digital copy of closing packages, audit trails, and video recordings
- Top-of-the-line product onboarding, training, and customer support resources
- Available eClosing features include RON, IPEN, eNote, eSign, and a proprietary Eligibility Engine
How to select the right eClosing platform for your business
Choosing the right eClosing platform is important to digital success. You can make an informed decision and find the perfect tool by assessing your digital closing goals, essential features, ease of use, and pricing structures. Investing in the right software can help you save time, become more productive, and deliver a superior customer experience.