Lenders can Save +$1,100 each Loan with Digital Closing Solutions

Why should lenders consider going digital? When it comes to real estate lending, ease of organization and efficiency with digital closing solutions offers new ways to save money.

Going digital is more important now than ever before. TRID began in October 2015 and presents setbacks for the real estate and mortgage lending industries with brand new forms and processes. The TILA-RESPA Integrated Disclosures require lenders to adapt to changes that cost them time and money to train and implement these new forms into daily business operations.

Save Thousands with a Digital Closing Platform

If your lending institution lost time, money, and energy through the TRID changes, then there may be a way to make up for the loss next year by converting to a more efficient digital platform for real estate transactions. It’s possible to save over $1,100 per mortgage loan transaction with a digital closing solution, because data platforms provide the means to deliver documents and funds on time with ease and efficiency between parties.

Mistakes are costly. Oftentimes a lending institution should question the legitimacy, safety, and security of a digital closing solution. Digital platforms for real estate are more than just E-signatures. The most effective solutions include Escrow transfer capabilities, as well as the ability to sign, send, and organize key documents. With a digital closing solution, all parties will find it easier to view information relating to the real estate transaction throughout the process. This helps keep everyone on the same page, which saves time.

Protecting Your Investment and Important Documents

Don’t sell the safety of your important documents for an unsecured digital closing platform. Before you dive into a new and improved solution to your problem, do your research. One of the most crucial aspects of choosing the right digital software is researching the potential safety and security of your important information within the system.

Real estate and lending institutions that use digital platforms may opt to ensure security standards of services by volunteering to carry out a security compliance check or Service Organization Control (SOC) 2 Audit. A SOC 2 Report assures that the company reaches compliance standards and has taken the appropriate security measures to protect user information within the network.

If you’re looking for a technological solution to your closing inefficiency problem, then going digital may be the answer. Even if you’ve already made the switch, you may be in search of a more “user-friendly” or “secure” platform to replace your current digital closing solution. Try working with a title insurance company that has applied a secure solution and superior service through technology.

Ready to switch and save money with a digital platform?

It pays to work with a title insurance company you can trust. BNTC offers an expert team and digital closings to help make your life easier. Contact us for a smart business partner when buying and selling real estate.

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

SOURCES:

How to save $1,100 or more on the cost to close each loan