28 Oct While Consumers Want a More Digital Experience at the Closing Table, the Majority Still Prefer to Close in Person
Solidifi Releases Results from its Consumer Title Survey(1)
BUFFALO, N.Y. & AUSTIN, Texas–(BUSINESS WIRE)–According to a recent national survey(1) commissioned by Solidifi U.S. Inc. (“Solidifi”), 81% of consumers would prefer to close in person – reinforcing the importance of having a professional and qualified closing agent at the table as they proceed through the closing process on a home purchase or refinance. The survey also found that 70% of consumers would like a more digital process at the closing table.
The Solidifi Consumer Title Survey reached 1,000 consumers who bought or refinanced their home in the past two years and asked them about their experience with the mortgage lending process, from initial document gathering through to closing, with an emphasis on the closing process. Of the millennials surveyed, 59.1% had recently purchased a home, whereas 62.9% of the Gen X and baby boomers surveyed went through a recent mortgage refinance.
“Solidifi is leading the charge on meeting today’s consumer expectations. Our network management platform leverages technology to create a marketplace where notaries and closing agents compete based on factors such as knowledge, preparedness, efficiency and experience.” said Solidifi President Loren Cooke. “As our research indicates, there is tremendous value for lenders in being able to access the right closing agent to perform a mortgage refinance closing – whether that’s a standard mobile closing, hybrid or full e-close. Our network management platform gives lenders a competitive advantage by addressing all of these needs while delivering a consistently better consumer experience.”
More than two thirds of survey respondents (67.5%) stated their experience with their closing agent made them more likely to work with their lender again.
“Service Level Agreement (SLA) performance with a lender is table stakes today, but the consumer experience via a professional closing agent trumps all other factors at the end of the day,” added Cooke. “Providing the highest standards of title and settlement services, and enabling our lender clients to deliver a seamless and professional experience to their customers is absolutely crucial. We view ourselves as the stewards of our clients’ reputation. As our survey revealed, a truly extraordinary consumer experience goes beyond digital. In a market where consumers expect an omnichannel banking experience, it’s the human touch points that can really make a difference and lead to repeat business and loyal customers,” concluded Cooke.
The survey indicated that consumers value closing agents who are knowledgeable and efficient. When thinking of a future transaction, consumers were asked to select the top two attributes that would be most important in a closing agent; 49.3% of respondents selected ‘knowledgeable’ and 40.1 % selected ‘efficient.’
Solidifi is a leading network management services provider for the residential lending industry. Solidifi’s platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified professionals to create an efficient marketplace for the provision of mortgage lending services. Our clients include approximately 60 of the top 100 mortgage lenders in the U.S. Solidifi is a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title and mortgage closing services in America. Solidifi has offices in Buffalo (NY), Denver (CO) and Middletown (RI).
Solidifi is a wholly-owned subsidiary of Real Matters Inc. (TSX: REAL). For more information, visit www.solidifi.com.
Allison+Partners Research + Insights surveyed 1,000 individuals 18 years of age or older in the United States who have refinanced (500 individuals) or purchased a new home (500 individuals) within the last two years. The survey was fielded in August 2019 using the Qualtrics Insight Platform, and the panel was sourced from Lucid.
For more information:Lyne Fisher
Vice President Investor Relations and Marketing