A 10-minute closing may sound like it’s great for the borrower, but will the consumer really benefit from faster closings. It may sound like it would be consumer oriented, but is it since it changes the fundamental process of a closing.
The borrower may be able to sign their name on 30 documents in less than 10 minutes when they don’t read anything that they are signing, but should they. One can suppose that they may have read those documents in advance.
An online closing is a different medium, so signers should still read what they are signing and ask questions. The mortgage industry has a lot of moving parts and sometimes it is the closer that makes the difference and drives a company to success. It is nice to still have that one on one contact with your borrower.