When Nick Nicholson, incoming president of the American Escrow Association, started out in the escrow business, computers were not part of the transaction. Technology has improved the process, but with new technology and a push toward e-transactions, it is important to prepare now to protect your company and your customers from cyber theft and other concerns. During October Research, LLC’s 2014 National Settlement Services Summit (NS3), he shared ways to create the model escrow office of the future.
“The industry is completely changing,” Nicholson said. “We’ve got the new integrated disclosures, e-signings, e-notarizations, e-closings. Pretty soon the consumer is going to be able to stay at home and do the entire closing.”
In fact, it is already happening in some instances. Nicholson said he was speaking at a Realtor conference, discussing the future with integrated disclosures and e-signings, and one Realtor said she had electronically closed a refinance, telling him how great it was that she could signed her and her husband’s names while her husband was in the other room watching a game.
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