Digital Risk’s Homeowner Survey was recently quoted on the Wall Street Journal’s Jumbo Jumble column in the article titled “Mortgage Closings Just Took a Big Step Into the Digital Age” talking about fully remote and paperless closing and how a Chicago couple closed a home loan from a Michigan lender using a Virginia notary public, all from a laptop!
The closing two weeks ago, allowed the couple to close a loan from a lender in Michigan from their home in Illinois, working with a notary public in Virginia—all completely online, using a webcam and executing all documents digitally. The closing on the $290,000, 30-year, fixed-rate mortgage took place at the couple’s kitchen table and took only a half-hour!
But eMortgages are not for everyone. Many borrowers are still uneasy about using technology to eliminate paperwork. According to a survey of 1,057 homeowners and 509 renters conducted between May 26 and June 2 by compliance firm Digital Risk, 70% of homeowners and two-thirds of renters stated they wouldn’t be comfortable managing the mortgage process via a smartphone.
Read the full article here.