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

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

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Apr. 13, 2018.

Realtors, builders, title agents, loan officers, and everyone else involved in the closing process has seen it all. The good, the bad, and the very, very ugly. Across-the-board, closing delays are considered the biggest industry problem that creates the worst buyer experience. In minutes, a buyer’s positive impression of their realtor, loan officer, and other parties can be soiled when closing takes hours longer than expected. Is there a workaround?

The Cornerstone Case Study: Closing in the fast lane keeps buyers happy

Loan officers at Cornerstone Home Lending, Inc. were sick of running into the same problem. So, they decided to do something about it.

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Loan officers like Jason Peifer of Group Mortgage, a joint venture between Cornerstone and The Group Real Estate, put their heads together to develop a closing-day shortcut. Their goal? Find a way to comply with the new 2015 TRID disclosure process, requiring a Closing Disclosure to be sent to the buyer at least three business days in advance, and give buyers a better experience. Cornerstone introduced its new and exclusive LoanFly Express Closing program in 2018.*

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

Case 1.

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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 told the borrower that the CD would contain their final amount needed at closing and instructed them that it should be in the form of cashier’s check or a wire.

How LoanFly 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 Cornerstone loan officer.
  • The buyer left closing quickly and didn’t have to wait around all day for their loan to fund.

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Case 2.

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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 that 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 LoanFly Express Closing made a difference:

  • The buyer signed most closing documents beforehand, reducing a typical 90-minute closing process to about an hour in this buyer’s case. Other buyers can see closing times condensed to about 15 minutes.**
  • The Cornerstone 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.

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Case 3.

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The loan officer stayed in constant communication with the buyer, who reported that closing went very smoothly. Both the closer and the realtor commented about how quick the signing was. The realtor 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 LoanFly Express Closing in front of the buyer.

How LoanFly Express Closing made a difference:

  • The Cornerstone 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 a realtor 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 worked well and was received 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 also were thrilled.”

We’re in your corner.

LoanFly Express Closing is making a huge difference in the lives of our borrowers, and we want your buyers to have the same experience. Buying a house quickly, easily, and with little hassle sounds like a dream — but we’ve found a way to make it possible for many buyers. Partner with a Cornerstone loan officer near you and help get your clients home in the fast lane. We’re lending in 40 states.

*LoanFly® Express Closing is currently available in: 

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Delaware
  • District of Columbia
  • Florida
  • Idaho
  • Iowa
  • Kansas
  • Louisiana
  • Maryland
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Mexico
  • North Carolina
  • North Dakota
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wyoming

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

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

Sources deemed reliable but not guaranteed

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