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Posted by Negrete on 1/13/22 7:05am
The main thing we must look at as an industry is whether lenders are going to be receptive to RON closings or not.
So far a few of them have completely resisted although you have the likes of Quicken Loans and some of the others that have embraced it. I'm sure I don't need to tell you lenders can be very fickle people and I understand they're only trying to protect their investors.
I know personally just from the ones that I do for my title companies they're very safe and very secure and in my opinion are much more secure than a wet signature closing.
And the reason I say that is because what is known as KBA ( Knowledge Based Authentication ). Not sure if everyone has done it but I'm sure some people recall when they apply for some type of credit, they go onto a credential type of website and answer four to five questions and if they get them correct, then they get to continue. This is the same thing that they do when loan clients want to do a RON closing. I am not a RON expert and only give my opinion for what it's worth.
And to answer your question, what does this mean for signing services I believe the question should be what does it mean for the industry as a whole ?
The answer to that one can be very tricky, because if the lender industry decides they will accept RON closings, then what's to say title companies will or will not hire people to put in their office and do run Closings all day long and pay them a salary. I don't think that will happen with every title company but I do think the larger mega title companies will definitely consider that because all they would need is a call center.
again folks keep in mind this is just my opinion unfortunately I don't have that crystal ball that could tell me everything if I did I would be a much smarter man and the smartest man well he died for all of us.
Thank you for listening to what I have to say,hope I don't offend anybody and if I do please forgive me.
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