The number of title and settlement companies offering digital closings has increased 228% since 2019, as more of the industry moves online in the wake of the COVID-19 pandemic.
Per a survey of 300 title professionals conducted by the American Land Title Association, only 14% of professionals offered digital closings prior to the health crisis. Now, in 2021, 46% offer digital closings, according to Diane Tomb, ALTA chief executive officer.
“Since the onset of the pandemic, title and settlement professionals rapidly adapted their processes to meet the needs of their customers and to continue facilitating safe and secure closings, and one of the title industry’s most important tools in this process has been remote online notarization,” Tomb said.
According to the survey, more than 5% of transactions were closed with some variation of RON. Thirty-five percent of companies currently offer RON to close deals.
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