3-30-20 Providing Digital Closings During a Time of Crisis

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.

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