The digital real estate closing revolution is about to take a giant step forward, as the nation’s largest title insurance company is rolling out hybrid and fully digital closing options throughout its entire title insurance network.
Fidelity National Financial announced recently that it is launching a “comprehensive digital closing experience” at its companies, Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title, and National Title of New York.
The solution was developed jointly with Black Knight, the mortgage software company that was spun off of Fidelity several years ago.
According to the companies, the solution uses Black Knight’s “Expedite Close” digital closing solution, which was released last year.
“In partnership with Black Knight and leveraging the company’s Expedite Close technology, FNF created a digital closing experience that is tailored to meet the very specific needs of the settlement community,” Fidelity said in a release. “FNF’s platform is based upon tight integrations with title production and workflow solutions, and optimized for ease of use and maximum adoption.”
According to the companies, the platform is designed to bring home buyers and sellers into the process prior to the actual close of the deal, which provides increased visibility and transparency into their documents before the actual closing.
The platform uses digital signature technology that allows for certain documents to be signed before the closing itself takes place and allows for remote online notarization in areas where it is permitted.
Fidelity recently completed a remote notarization in Texas. Currently, only a handful of states allow their notaries to perform online notarizations, although that number is on the uptick.
Regardless, the number of title companies where a buyer and/or seller can conduct a digital closing is about to significantly increase.
“Today’s homebuyers and sellers have come to expect a digital experience that increases the transparency and convenience of the transaction,” said Jason Nadeau, chief digital officer for Fidelity National Financial. “At FNF, we understand this. That’s why we’re committed to creating a totally redesigned real estate experience for the consumer. We’re also making sure our vast network of partners has access to the tools they need to compete effectively in an increasingly digital world.”
According to the companies, the digital closing solution is “loan origination system agnostic,” but it currently integrated with Black Knight’s loan offerings. Fidelity said that it expects its title companies to begin using the closing solution during the second quarter.
“We’re honored to have collaborated with FNF in developing a new closing experience,” Black Knight President Joe Nackashi said. “Black Knight is committed to our clients’ success, and we wholeheartedly support FNF’s mission to redefine the experience for the millions of consumers they work with annually.”
