When attempting to provide the best experience for their clients, a title company must make the closing process as easy and stress-free as possible. This can be hard, given the complexity of a title closing. Homebuyers, sellers, and even real estate agents are often unclear about what needs to happen to make a closing successful. Title companies have a responsibility to provide a high level of expertise while also delivering great customer service.
In recent years, artificial intelligence has changed the way title companies operate. More specifically, an AI-powered virtual closing assistant can facilitate a seamless process, regardless of the type of closing that’s taking place. Let’s drill down into several scenarios and uncover how a virtual closing assistant can be a huge game-changer.
E-Closings
Many homebuyers prefer the closing process to be digital. Often, these are individuals who have been through the closing process before and understand the convenience technology can provide. An e-closing allows for documents to be executed and signed electronically while also maintaining a level of security. A virtual closing assistant is a perfect tool for communicating with the involved parties. By providing access to their virtual closing assistant, the title company cuts down on answering questions so closing agents can concentrate on complex tasks instead of answering phone calls or sending emails. Their clients have a virtual closing assistant to help them through this process.
Closings Using Remote Online Notarization
With the COVID-19 crisis causing holdups to mortgage loans and closings across the country, remote online notarization (RON) is becoming a necessity. By using RON, title documents can get essential notarization without physical interaction. The process is completed with the use of audio-visual technology. A virtual closing assistant can facilitate remote communication when this is taking place. Real estate agents, buyers, sellers, and lenders can chat with a title company’s virtual closing assistant to get the information they need and ensure everyone is on the same page with regard to the RON process. If someone has a question the virtual closing assistant can’t answer, a title agent can jump in right away and provide solutions. Offering this type of remote customer service is great for a title company’s reputation in the industry.
Traditional Closings
Homebuyers who want to see the process through personally opt for a traditional closing. However, the closing process begins well before all the final papers are signed. A virtual closing assistant can help streamline the process and help buyers, real estate agents, and lenders get the materials and information they need leading up to the in-person signing. It can also help the title company in many ways. For example, closing agents can generate closing cost estimates by inputting a few key pieces of information. A virtual closing assistant can also provide clients with information on the way the title company does business. Interaction with the assistant can take place via text or web chat at any hour. All these features ensure a seamless experience on closing day.
Refine the Closing Process Today
If your title company has been hitting snags, incorporating a virtual closing assistant can help straighten out the process. Your customer experience will improve, which means repeat clients and business growth.
Alanna.ai develops AI-powered software for the title industry. To learn more, request a demo today.
