The concept of e-closing has revolutionized nowadays the way real estate transactions are completed. With its myriad benefits and seamless process, it is undoubtedly the easiest way to complete a real estate closing. According to a survey conducted by Accenture, 85% of home buyers expressed a desire for fully digital mortgage processes, highlighting the growing demand for electronic closings. E-closing eliminates paper-based documentation and simplifies the entire closing process through online platforms or mobile applications. This not only saves time but also reduces errors and increases efficiency in completing transactions. For instance, during the COVID-19 pandemic when physical interactions were limited, e-closings emerged as a vital tool to ensure business continuity in the real estate industry.
One key advantage of e-closing is its ability to streamline communication between all parties involved in a transaction – buyers, sellers, lenders, title companies, and attorneys – leading to faster turnaround times. A study published by Fannie Mae reported that e-Closing loans had an average reduction in overall loan closing time by almost seven days compared to traditional paper-based closings. Additionally, electronic signatures play a crucial role in expediting document signing processes without requiring face-to-face meetings or physically mailing documents back-and-forth. For more detail, please refer to the info-graphic below.
