Embracing eClosing as a younger generation changes the mortgage market
The demands of mortgage customers have continued to evolve as younger home buyers prefer digital interactions
The Covid-19 pandemic forced more mortgage transactions to move to the digital space, but the growing number of younger, tech-savvy home buyers meant that eClosing – as well as online interactions throughout the entire mortgage process – would change the way people buy and sell houses in the long term.
In a panel discussion at PEX Live: Digital Mortgage Process 2022, Josh Hager, head of mortgage operations at Button Finance, said the company was taking “transformative steps” toward ensuring mortgage customers benefited from one-to-one interactions, while experiencing a faster process. He said innovations such as electronic disclosures and allowing all documents to be digitally signed could be introduced in a way that remained customer-centric, adding that finding the right partners to introduce these changes was the biggest challenge.
Raj Penugonda, product development director at Freddie Mac, said that many mortgage providers have been using technologies, such as online portals and loan approvals, for a long time. In regard to e-signatures, he pointed out that they were effective from a customer-experience and a lender-efficiency perspective.
