Get to Know the Technology in Your Closing

If this is your first closing, or if you haven’t purchased a home in the last decade or so, chances are you’re very unfamiliar with the technology that’s currently being used by closing companies. Here are a few things you can expect you’ll see at your closing.

e-Signatures

Remember the days of icing your hand after your closing due to painful overuse signing your name to what seemed to be a thousand documents? Maybe you thought, at the time, that there must be an easier way. There is now.

Today many title companies have gone paperless. (Bay National Title Company led that charge several years ago.) e-Signatures on documents allow for a much more efficient, and less time-consuming process. e-Signatures meet strict security guidelines and provide real-time visibility into the signing process, as well as every stage of the closing.

Paperless Environment

Not only does online transaction management save your hand from overwork, a paperless environment means a much smoother and quicker transaction after your part is completed. With a paperless system, a loan can be closed, recorded, and delivered in a matter of hours not a day or two. It also reduces the time between when records are searched and the closing, reducing the possibility of risk in something showing up after the search was conducted.

This secure environment affords a trail of documentation and changes/versions accessible from a single, central location.

It houses all documents and templates. Documents can be entered into the system effortlessly through scanning, uploading, and emailing so all of your papers stay with your file. A change to anything in the system is easily reflected in every part of the system. No more changing on one page and missing it on the next. One change, one time, all places.

A title company who uses a paperless environment can provide you with up-to-the-moment notifications and web-based information far more efficiently than their paper-laden counterparts.

Workflow and Automation Management

In addition to creating a paperless environment, there is now technology in place at many title companies, like Bay National Title Company, that allows work to be assigned and flow effortlessly between people and departments. The management software (we use ResWare™) is web-based and helps every person in the closing process understand what is due and when through a dashboard system. It tracks the flow of each piece in real time and increases the transparency of the process.

Technology does not replace good old-fashioned customer service but it does make the administrative processes more efficient so that title companies are able to have a more customer-centric approach.

Before selecting a title company, talk with them about their technology. Ask what they use and whether your closing will be a paperless process. Also, ask them about their office and whether they’ve made the switch to a paperless environment. Paperless environments are quickly becoming the standard so if they haven’t made the switch, ask them why. Their answer may shed some light on their commitment to their customers.

Contact Bay National Title Company today. We’re happy to tell you about our technology and how it will improve your closing experience.

***Disclaimer: ReswareTM is not affiliated with Bay National Title Company. Resware is a trademarked product of Adeptive.