Fully digital or hybrid closings increased to 10% of all transactions in 2022 compared to 7% of all deals closed in 2021, according to a study conducted by ALTA.

The survey included results from 399 title professionals and businesses that operate across 46 states and Washington, D.C. Most of the survey respondents had an average of 75 closings or less each month (57%), with the remainder divided almost evenly between 76 to 250 closings (21%) and over 250 closings (22%).

“Title professionals continue to lead the way by implementing technology to meet customer needs and expectations,” said Diane Tomb, ALTA’s chief executive officer.

“Digital closings offer a secure alternative to complete real estate and mortgage transactions and provide an option for people who can’t physically be in the presence of a notary, such as the elderly or those serving overseas in the military. Our members will always provide the customers’ preferred closing method, whether it is online, in person or hybrid in some fashion.”

Digital Closings on the Rise, But Barriers Slow Adoption

THE LAND TITLE INDUSTRY IS EXPANDING USE OF DIGITAL CLOSINGS

Digital closings are becoming more widely used. Now, 610% of companies conduct digital or remote closings. Remote Online Notarization (RON) is the most common technology used; the share of busiesses of usings it grew significantly over the past year.