eClosing and buying a home: Technology’s role in closing on a mortgage

Technology is transforming everything; it is changing the way we communicate, the way we access goods and services, and even the way we purchase homes. Soon, more and more consumers may increasingly find themselves being offered technology that allows them to access, sign, and submit mortgage closing documents online. We believe that “eClosing” can leverage technology in the mortgage closing process by providing consumers with more time to review closing disclosures and transform the way consumers relate to the overwhelming process of closing on a home.

When we asked consumers what they felt were the biggest issues associated with closing on a home loan, the most common statements we heard were:

  1. There is a lot paperwork to review at closing
  2. I’m having trouble knowing who can answer my question
  3. The whole process is painful and overwhelming

The main goal of our research into the use of eClosing has been to better understand how technology could help reduce the prevalence of these issues.

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