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A Lender’s Guide to Digital Closings During COVID-19

Last updated: April 6, 2020

Lenders are facing unprecedented challenges during the current coronavirus (COVID-19) outbreak:

  • The shelter-in-place or stay-at-home orders issued by many counties, cities, and states have created increased consumer demand for remote closings.
  • Federal and state governments are trying to quickly pass new legislation that would enable remote online notarization, and it can be difficult to keep up with these changes.
  • Record-low interest rates are creating a surge in loan volume, while lenders are operating with remote staff.

These challenges have forced lenders to rethink the closing process and adapt. Now, more than ever, lenders need to digitize their processes and the closing.

Some lenders may be just starting out with digital closings during these times, while others are further along in adopting digital closings. No matter where you are in the process, here’s your guide to implementing digital closings and resources to help you be successful during these chaotic times.

You can also regularly come back to this page to find updates on how the industry and digital closings adapts to COVID-19.

For current users of Snapdocs, please see our response to COVID-19 here.

Additional resources

Centers for Disease Control and Prevention COVID-19 information center

World Health Organization COVID-19 advice

Mortgage Bankers Association COVID-19 resources

Fannie Mae COVID-19 approach

Freddie Mac COVID-19 response

American Land Title Association coronavirus resources

How Lenders Are Succeeding During These Uncertain Times webinar

The Definitive Guide to Digital Closings