Survey: Consumers Prefer In-person Closing but Want More Digital Experience
October 29, 2019
While there’s a push to digitize the home-closing process, eight in 10 consumers still prefer to complete their transaction in person.
According to a recent national survey by Solidifi US Inc., 81 percent of consumers would prefer to close in person. The survey reached 1,000 consumers who bought or refinanced their home in the past two years, asking them about their mortgage borrowing and transaction closing experience, according to Solidifi. The survey also found that 70 percent of consumers would like a more digital process at the closing table.
The results reinforce the importance of having a professional and qualified closing agent at the table as they proceed through the closing process on a home purchase or refinance.
“As our survey revealed, a truly extraordinary consumer experience goes beyond digital,” said Solidifi President Loren Cooke. “In a market where consumers expect an omnichannel banking experience, it’s the human touch points that can really make a difference and lead to repeat business and loyal customers.”
More than two thirds of survey respondents (68 percent) stated their experience with their closing agent made them more likely to work with their lender again. The survey indicated that consumers value closing agents who are knowledgeable and efficient. When thinking of a future transaction, consumers were asked to select the top two attributes that would be most important in a closing agent: nearly 50 percent of respondents selected “knowledgeable” and 40 percent selected “efficient.”
“The consumer experience via a professional closing agent trumps all other factors at the end of the day,” Cooke said. “There is tremendous value for lenders in being able to access the right closing agent to perform a mortgage refinance closing—whether that’s a standard mobile closing, hybrid or full e-close.”
Contact ALTA at 202-296-3671 or communications@alta.org.