The COVID-19 pandemic has wide-reaching impacts for the U.S. and global economy.
One area of potential impact is the delay (or cancelations) of closings. Many county recorders have yet to fully digitize operations, and as such depend upon high-touch, manual processes for both input and production of property records. Shelter-in-place orders or even widespread social distancing efforts could hamper their ability to fulfill their part of the process, which could reduce the volume of both purchase and refinance lending along with overall real estate transactions.
As a result of years of investment and innovation in digital mortgage technology, Black Knight has enabled much, if not all, of the mortgage application and closing process to happen online and remotely. This means that lending – particularly refinance lending – can continue unabated, and help to move the market forward for some time, even in the midst of this global health crisis. Black Knight’s Expedite Close eClosing platform supports all forms of real estate closings, including – where permitted by law – completely digital mortgage closings, supported by remote online notarization. This enables loans to close with the utmost social distancing – allowing the buyer to remain in their home, while the closing agent is at a different location.
Want to know more about John Ralston?
John Ralston is Director of eLending for the Origination Technologies division of Black Knight, Inc., a premier provider of integrated software, data and analytics to the mortgage industry.
John oversees all product and strategy for the eLending division of Black Knight. He has extensive experience the Title and Close Industry for over 20 holding many operational roles. Most notably managing post-closing operations for Fidelity National Financials National Divisions. During his tenure he developed products and services the improved productivity and mitigated risk between Title Providers and Lenders. In 2007 John founded Medallion Analytics, acquired by Black Knight, to bridge the gap between Lenders and Settlement Service Providers providing powerful yet easy-to-use tools, to control the lending process ensuring quality and compliance across all parties in a mortgage transaction.
Topics covered in this special episode:
- Most critical issues facing Originators in this COVID-19 crisis
- Rising costs of originating becoming prohibitive
- Rolling out fully digital closings Nationwide
- Keys to implementing a digital close quickly and successfully
- Immediate steps to offer a digital close as soon as possible
References made during this episode:
- PTAP: Pass Through Assistance Program
- Interview with Tyler Sherman – 2-10-20 Hot Topic – Countering the Ever-Growing Cost to Originate
- Interview with Liz Gilchrist Kelly and Jan Dalton Clark – 11-4-19 Hot Topic – Growing Real Estate Transfer Tax Trends and the Risk They Represent
- PTAP – Kevin Peranio – Pass Through Assistance Program by Ginnie Mae
- MBA Covid-19 Resources