Notarize and States Title Partner to Offer Digital Mortgage Experience
Over the last decade, millions of Americans have refinanced their homes, encouraged by more attractive interest rates and often supported by the ability of technology to make the process more accessible. To apply for and actually refinance a property in an entirely digital way has long been the industry's Sorcerer’s Stone. But Notarize and States Title are part of a growing movement to make it a reality.
Today, Notarize and States Title are pleased to announce a new partnership that allows our mutual customers to close on their home entirely online. Borrowers can sign and notarize key documents that help them realize a vision for the home of their dreams or refinance their current home on better terms.
Recognizing an Industry that's Ripe for Disruption
The journey to an as yet elusive fully digital mortgage faces certain challenges, from regulation to adoption to engrained title and escrow practices.
As Max Simkoff, Founder and CEO of States Title, put it in an article for MIT Sloan Management Review:
“The process seemed strangely antiquated, based on an outdated model that required numerous, unnecessary steps... managers overseeing teams of people who manually entered the same information into multiple computer programs in order to double-check data that had already been processed multiple times.”
For hundreds of years, the title and escrow industry ran their business based on paper-driven latency that technology had yet to fix. Now, 80 percent of title companies surveyed by ALTA have either already done an online closing, or will do one this year – up from practically zero since 2014.
Helping to Remove a Major Obstacle
Pat Kinsel, Founder and CEO of Notarize, recognized the same issues and was similarly inspired to use digital technologies to vastly improve the experience for financial institutions, real estate practitioners and home buyers alike.
In 2017, when Notarize completed the first digital closing in the country, people at every level of the real estate industry knew that major barriers to a fully digital closing – both in the resale and refinance markets – had been overcome.
Pat is conscious of the importance of that milestone:
"Since that day, there was a new potential in the air, a different vision of a hassle-free mortgage experience for the benefit of everyone involved. You could be anywhere in the world and use your phone or computer to close on your new home. Meanwhile, lenders, realtors, attorneys and notaries could be at their offices, comfortably closing multiple transactions in the time it would take to travel to one in-person closing. It’s truly taken a village, but now the future we’ve always dreamed of is here."
Working with Lenders to Deliver Innovative Solutions
Together with some of the leading lenders and refinancing powerhouses in the U.S., States Title is taking huge strides to make title and escrow and mortgage refinancing more efficient, certain, affordable, and ultimately transformative.
In fact, their predictive underwriting solution insured $1.3 billion of real estate transactions in 2019, up 100-fold from the year before – a clear sign that lenders are eager to capitalize on the opportunity such innovative solutions offer.
During the same period, Notarize helped Guaranteed Rate, Wyndham Capital Mortgage and other lenders completed more than 20,000 online home purchases and refis combined. Why? Because borrowers want something not only tech-forward, but transformative. They want the industry to change what the closing table has meant for so long, and instead build a world around convenience.
Securing a Better Experience for Buyers and Owners
For our customers' customers, the stress that comes with having to go back to the bank to refinance their homes is a thing of the past – refinancing can now be signed, sealed and delivered 100 percent online.
States Title and Notarize believe that every real estate transaction should be as seamless as possible. Buying or refinancing a home can be a transformational customer experience with technology at its core to remove all friction and supercharge speed, while maintaining accuracy.
We’re excited to be at the forefront of how technology is changing what it means to have access to capital and refinance a home. Our hope is that for future generations, the industry can meet and exceed homebuyer expectations.
With the new integration, States Title now offers its customers the convenience and security of the Notarize solution, and together we have moved the industry a step closer to the fully digital mortgage.