A New Closing Process
We’ve highlighted changes to the appraisal process during this time of limited contact. Because safety is so imperative right now, we would like to continue the discussion by investigating another interactive aspect of the mortgage process: Closing Procedures.
Communication is Key
In the past month alone UHL has seen multiple case-in-points showing the necessity of, not only a new closing process, but clearly communicating the new system to consumers. A number of borrowers are preemptively reaching out to make sure their closing will be conducted safely.
There is no doubt: safety is at the top of everyone’s mind. And if gone unaddressed, it can make our clients feel nervous (which is never the ideal emotion for a real estate professional). The good news is that when we anticipate worries, we have the power to prevent them. Whether by a quick, individual phone call or a mass email campaign to say, “We’ve got this under control.”
We have worked closely with our trusted title company partners to obtain a clear and complete overview of the new closing process for refinance and home purchase transactions. While refinance clients are more commonly seeing at-home curbside closings, we all know purchase transactions generally require a little bit more.
The title companies with which we work on a regular basis have confirmed they will adhere to the following safety procedure:
AT-OFFICE CURBSIDE CLOSINGS
- Client arrives outside the closing office and remains in their car, informing the closers of their arrival by phone or email.
- Client is handed closing documents by closer who is wearing gloves
- Client is handed a bag of new or disinfected pens, which they will keep
- Client presents their ID to the closer, who will then photograph IDs rather than taking them to make copies
- Closer returns to their office to complete the closing over the phone
- Once all parties have finished signing, the closer returns to the client’s car to pick up the closing documents.
We want to emphasize that this process needs to work for you and your client above all else. If any party feels their safety is at risk, please do not hesitate to inform the title company and UHL. We are committed to making every arrangement possible to accommodate our clients and our partners.
Treating clients as if they are close friends or family means sharing this kind of information before they have to ask.
If you have any questions about the new closing or appraisal procedures please know we are here to help.