2021 Mortgage Closings: The Hybrid Approach

2021 Mortgage Closings: The Hybrid Approach

(ConservativeInsider.org) – This year has forced nearly everything that can be done remotely to move online. But, when it comes to buying a home, the standard has always been to sit down with your realtors and bank to sign and notarize all the papers and hand over the keys. However, this year there was a rise in hybrid and fully digital closings, and 2021 is sure to continue that trend.

Companies are pushing digital and hybrid closings to limit human contact, which has been essential during the COVID-19 pandemic. Digital management company eOriginal saw up to 50,000 digital mortgage closings per week this year, compared to 129,000 total digital closings in 2019.

Experts believe that lending companies that are not able to offer hybrid and fully digital closings next year may not survive. One lending company just announced its new closing option:

To keep the home-buying momentum of 2020 going next year, companies need to ensure buyers feel safe through the whole process. A digital closing not only does that, but it also saves time, paper, and is both more accessible and more accurate. This is sure to be the future of lending.

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