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  • Brent Billings

Borrowers Still Want an In Person Closing

Originally posted on with link at the bottom.

Solidifi Released Results from its fourth annual Consumer Mortgage Experience Survey and the New Solidifi 2022 Future Plans of Homeowners Survey

A share of borrowers want some digital closing tools, but the majority still prefer in-person interactions, according to survey data released from Solidifi, a vendor that provides valuation, title and settlement services to the residential mortgage industry.

The Solidifi 2022 Consumer Mortgage Experience Survey polled over 1,000 borrowers 18 years of age or older in the United States who have refinanced or purchased a home within the last two years to assess most critical touchpoints in the mortgage transaction: the appraisal and closing experiences. The survey took a in-depth look at the borrower’s experience from what drives their decision-making to how their satisfaction results in future business. The results reaffirmed findings of the past three years and uncovered interesting synergies across all transaction types on how our industry can better serve consumers and win business in the future.

Borrowers continue to want in-person closings for better communication and increased trust. In fact, 81% said that face-to-face is the ideal way to close with 60% preferring a paper process, 15% preferring in-person with fully electronic documents (“in-person electronic notarization” or “IPEN”), and 25% preferring an in-person hybrid process of both paper and electronic documents. The results continued to reveal that most borrowers use and prefer digital tools prior to closing for the review of documents, with Millennials preferring an in-person digitally enabled closing. In line with past results, face-to-face interactions were also preferred for home equity loan and HELOC closings. While most borrowers closed their purchase transactions in the title agent’s office, 71% indicated they preferred a mobile notary for their refinance transaction, and more than half for purchase transactions.

This year’s survey results reaffirmed that borrowers continue to value in-person interactions for closings. People have a better experience when they interact with the closing agent. While digital is increasingly becoming part of the closing experience, the process itself is becoming more – not less – personal.

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