We discuss some of the changes that are happening in the closing process.
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Today I sat down with Christy Phillips from Waco Title to talk about some of the changes in the closing process we’ve noticed in our market.
Blair: With the mask mandate being lifted, what is that doing to change your closing process?
Christy: Our closing process hasn’t changed that much with the mass mandate being lifted. We are still requiring customers to wear a mask inside the building, but we have some closing solutions that we came up with when COVID happened. We’re offering our curbside closing, where the customer pulls up to the front of the building. We all bring all the documents out to them and they sign using our clipboards. I sign all the documents at the convenience of their car. We also have a drive-thru window that we’ve installed at our Joyce branch. They just pull up to the back of the building and we just sign the documents from there.
The real estate market is crazy right now.
Blair: What changes are we going to be seeing in the closing process?
Christy: I think we’re still going to continue with our curbside closings and our Waco drive-thru options. We have allowed our realtors to come back into the building with our customers and join us in the closing along with our loan officers.
Blair: Are there any new things to look out for in the closing process?
Christy: I don’t see anything changing for a while with the masks. I know that we’re all ready to get rid of them, so that will be a day that we’re all waiting for.
Blair: Throughout COVID, your volume of closings has been really high. As of now, what is that volume looking like?
Christy: Our purchase volume is still very high and low interest rates are allowing buyers to afford better homes than ever before. On the refinance side, interest rates have probably ticked up a little bit more compared to last year. We’re still seeing some refinances happening. The real estate market is crazy right now.
Blair: It seems like, from what you’re saying, the refinancing may have dropped off a little bit but you’re still at full capacity because the purchase is good.
Christy: It seems like, from what you’re saying, refinances may have dropped off a little bit but you’re still at full capacity because purchases have stayed strong.
Hopefully, we answered all your questions on the closing process. If you have any more questions you can call us or send us an email. Hope you guys have a great day, and we’ll talk to you soon.