At Wednesday’s Notarize Rewired panel event, Home Buying After COVID, four experts spoke about some of the biggest vulnerabilities in the title industry. When asked whether they could change something or “wave the magic wand”, the panelists were clear: integration.
The trend towards fully digital mortgages continues to grow. In fact, the volume is on the Notarize Platform is up 600% since April, and the company now processes more than $ 7 billion in property closures every month. But despite this increase, full digital adoption may still be a long way off.
“We see a kind of coupling of technologies: people are very specific about what they are good at and what services they offer,” said Tyler Thompson. Second century companies and REACH Executive Partner. “I think we need better integration from real estate, mortgages to titles; Online remote notarization is a big part of it.
“I think these processes and experiences are so disjointed, there’s no communication, it’s not a smooth process,” said Thompson. “Really, with my wand, I’d like to see companies in this spectrum work better together.”
Other panellists agreed that integration is critical for any kind of meaningful change to a fully digital mortgage experience.
“We have to be in the world of integration,” said Marnie Blanco, Dot loop Vice President for Industrial Relations. “The old idea that someone can have a whole pile of soup to nuts these days has somehow fallen out of the window. Everyone specializes and they do it well. And so they have to integrate 100% of the full experience.
“And we’re not there,” continued Blanco. “I mean, the whole mortgage and title are missing at the moment. And so we get there and we get so close, but then at the end of the meal you don’t get your dessert. And then you feel abandoned. So we have to be there. That’s exactly where we’re going. “
Panelist Don Evans, Title group of realology Senior Vice President of East Region agreed that integration is vital for the digital mortgage, but added that a greater focus on the consumer is also required for the industry to be successful.
“I think consumer focus is something that is not being done enough in our industry that actually gives agents and consumers the opportunity to have a better experience through this together,” said Evans. “The consumer is being pushed around somehow.”