Client Expectations Are Changing
Over the years, Broker’s Title noticed a definite shift; buyers and sellers want a flexible, simple, remote closing experience. Until 2022, mail-away closings were the only choice, growing to 50% of the agency’s transaction volume.
However, when RON legislation passed in New Hampshire, making digital closings a reality, Broker’s Title knew they needed a more straightforward way to remotely close real estate transactions for their clients. By implementing eClosings with RON using Stavvy’s digital mortgage platform, Broker’s Title decreased its mail-away volume immediately while continuously earning 5-star reviews.
“I’ve had signers and real estate agents who have performed an eClosing with RON in Stavvy for the first time and ask me when they can do it again because it was so easy and convenient,” said Morgan Foley, Business Development Specialist at Broker’s Title
Offering Remote Closings at Scale
Broker’s Title is committed to its clients, and the team specializes in providing customers with a variety of title and closing services. From conducting title searches to completing efficient and convenient real estate closings, Broker’s Title offers superior customer service every step of the way. Sensing a shift in client demands, Broker’s Title knew the critical role a flexible remote closing option would play in ensuring continued customer satisfaction and business growth.
Mail-away closings provide signers with the convenience of a remote closing. While mail-away closings are technically a remote option for homeowners, they require the signer to locate a Notary Public and add manual work, paper, and time to the transaction. Preparing the mail-away closing package and documentation and waiting on the executed documents to return to the office is a slow process. The time to close a real estate transaction only multiplies when factoring in human error and oversight, like missing signatures or forgetting to get documents notarized altogether. These overlooked details require the title agent to repeat the process, starting with educating clients and resending documents to the signer with a return shipping label.
Before February 2022, when the New Hampshire Uniform Law on Notarial Act was enacted, mail-away closings were the only option Broker’s Title had to offer remote closings. Ultimately, Broker’s Title knew that mail-away closings were not a scalable service for its business and left something to be desired by clients. Therefore, once RON was legal in the state, to ensure an optimal customer experience, they sought mortgage technology to offer sustainable and consumer-friendly eClosings with RON.
Adopting Mortgage Technology to Go Digital
Broker’s Title recognized the opportunity to decrease the number of mail-away closings by offering a digital option. The mail-away process requires hours of manual work and time, resources better spent building relationships with clients and growing the business. Digitizing the closing process and offering eClosings with RON became the obvious choice for Broker’s Title, and Stavvy’s digital mortgage platform provided the exact solution they needed.
“We have signers in other countries and states who are thrilled that they can execute their closing paperwork from anywhere with an internet connection, instead of having to take the time and expense of traveling or waiting on mail-away documents,” said Foley.
Working with Stavvy’s Customer Success and Training team, Broker’s Title was onboarded in 30 days and completed its first eClosing 10 days after going live in the digital mortgage platform.
With Stavvy, eClosings Means Happier Customers and Title Agents
Broker’s Title decreased mail-away closings by 5% in 6 months, saving title agents approximately 2 hours of work per transaction by executing eClosings with RON within Stavvy. Broker’s Title attributes its success to the Stavvy digital mortgage platform and the Customer Support team, who are available in real-time on the platform. “I can chat with tech support in the middle of an eClosing and get a response back immediately,” Foley shared.
“Stavvy is a very straightforward platform, and I’m proud to offer it to our signers.”