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[Case Study] Help your buyers close up to 40% faster

Bethany RamosAbout Cornerstone, Contractors, Home Buying, Industry Professionals, Loan Officers, Realtors, Title Agents

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Real estate agents, title agents, loan officers, builders, and everyone else involved in the closing process has seen it all: the good, the bad, and the very ugly. Across the board, closing delays are considered the biggest industry problem that creates the worst buyer experience.

A buyer’s positive impression of their realtor, loan officer, and other parties can be ruined when closing takes hours longer than expected. Is there a solution?

The Cornerstone Case Study: Buyers prefer to close in the fast lane

Our loan officers were sick of running into the same problem. So, they decided to do something about it. Loan officers put their heads together to develop a closing-day shortcut.

Their goal? Find a way to comply with the TRID disclosure process, requiring that a Closing Disclosure be sent to a buyer at least three business days in advance, while giving buyers a better experience. The result? Cornerstone introduced its new and exclusive LoanFly Express Closing program in 2018.*

Here’s what changed when LoanFly Express Closing reduced the traditional closing time of 90 minutes or longer to about 15 minutes:**

Case 1.

The Cornerstone loan officer attended the buyer’s closing. Both the closer and the real estate agent mentioned how quick and easy the closing went with fewer documents to sign.

Prior to closing and at the time of the initial application when disclosures were signed, the loan officer told the borrower that they would receive their “final closing disclosure” (CD) via email. The loan officer also informed the borrower that the CD would contain their final amount needed at closing and instructed them that it should be in the form of a cashier’s check or wire.

How Express Closing made a difference:

  • Total closing-day paperwork was condensed by up to 40 percent.
  • The bulk of closing paperwork was taken care of before the buyer’s closing appointment.
  • The buyer electronically signed most of their documents and securely emailed them back to their loan officer.
  • The buyer left closing quickly and didn’t have to wait around all day for their loan to fund.

Case 2.

When the loan officer learned that Cornerstone could do a LoanFly Express Closing for the buyer, they emailed the buyer with instructions and followed up with a phone call. The buyer liked the idea that she could sign and review closing documents beforehand at her leisure. The loan officer did not attend the actual closing but spoke to the buyer the day prior to her signing and afterward.

The buyer was very pleased, even with the multiple transactions that had to take place. She was happy with the shorter amount of time she had to sit and sign on the purchase. The buyer reported that she had no issues and that LoanFly Express Closing was user-friendly and offered her a smooth, no-hassle experience.

How Express Closing made a difference:

  • The buyer signed most closing documents beforehand. This reduced a typical 90-minute closing process to about an hour, in this buyer’s case. Other buyers can see closing times condensed to around 15 minutes.**
  • The loan officer took care of all closing-day prep work behind-the-scenes.
  • The loan officer made sure all underwriting conditions cleared before the buyer’s closing date.
  • The buyer’s realtor, title agent, and other parties had the benefits of a fast close without needing to do anything differently.

Save time and trees. Connect with a local loan officer if you’d like to learn more about Express Closing.

Case 3.

The loan officer stayed in constant communication with the buyer, who reported that closing went incredibly smoothly. Both the closer and the real estate agent commented about how quick the signing was.

The agent is one of Cornerstone’s regular partners and expressed excitement about how fast LoanFly Express Closing was versus previous closing processes. The loan officer said the realtor made a “big deal” about Express Closing in front of the buyer.

How Express Closing made a difference:

  • The loan officer sent frequent status updates before, during, and after the closing process. (With a buyer’s permission, a loan officer can send these status updates directly to an agent or builder, emailed securely through Cornerstone’s CRM platform.)
  • The loan officer worked hard to ensure that the buyer had no surprises on closing day.
  • The buyer had ample time to review, sign, and return closing documents before their closing appointment.
  • Closing paperwork was reduced by 40 percent, and closing time was reduced by more than half.

Along with these compelling case studies, Cornerstone loan officers using LoanFly Express Closing also reported:

  • Increased satisfaction. “We really made a great impression with Ben, who happens to be a real estate agent.”
  • Less paperwork. “LoanFly Express Closing works well, and buyers are receiving it well. I did email the clients ahead to let them know they would receive a partial package to e-sign to make the paperwork less at closing. All went well!”
  • More efficient. “I talked briefly to the agent as well after the closing, and he was pleased with the efficiency of LoanFly Express Closing. He did ask if this was something we will be moving forward with on all transactions.”
  • Quick and easy. “It went awesome, and the borrowers, agent, and closer all commented on how quickly and easily things went. The closer actually thought she ran out of printer paper when pulling the documents. The package was noticeably small.”
  • Smooth transaction. “It was very, very smooth, and both commented on how quickly it went. Title closer and agents were thrilled too.”

LoanFly Express Closing can also support remote closings from any location

To help make the closing process safer, enjoyable, and more convenient, a buyer can sign anywhere with a notary public.*** Buying a house quickly, easily, and with little hassle sounds like a dream, but we’ve found a way to make it possible. Give your buyers access to Express Closing: Partner with a local Cornerstone loan officer.

*LoanFly® Express Closing is currently available in all states where Cornerstone Home Lending has licensing.

**During normal business hours. Not all loans will qualify for LoanFly® Express Closing, and some loans may take longer than 15 minutes.

***Some states require closing to take place at an attorney’s office or title company. Check your state’s requirements.

For educational purposes only. Please contact a qualified professional for specific guidance.

Sources deemed reliable but not guaranteed

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