HousingWire sat down with Loren Cooke, president of Solidifi, to discuss the results of Solidifi’s Consumer Title Survey.
HousingWire: Why did Solidifi choose to commission this survey on the closing process?
Loren Cooke: There’s so much rhetoric and misnomers out there about what the consumer actually wants during the closing process that we wanted to go directly to the consumers themselves and ask them how their own closing process went. So we reached out to a sample of 1,000 consumers who have either recently purchased or refinanced a home in the past 24 months and we asked a very simple question – How was your closing process? Tell us all about it.
HW: In the survey Solidifi conducted, 81% of consumers reported
they would still do a mortgage closing in-person versus digitally, but 70% of
consumers also said they would like a more digital process when closing. That
may seem contradictory to some – what do you think explains this?
LC: Indeed, we found
that the majority of consumers wanted a more digital experience, which did not
surprise us too much. And that was consistent whether it was a purchase or a refinance
– it made no difference. What that means is that they did not want us to come to
them with a stack of papers to sign. They wanted something a little more
digital, maybe an iPad, a laptop, a computer – whatever it may be – for them to
be able to walk through the actual documents either ahead of time or with their