Walk into a traditional mortgage loan closing today and you’re likely to be looking up – at a mountain of documents some 150 pages high. And best bring a trail snack and a bottle of water to get through the hour-plus course of reviewing and signing documents. Beginning July 1, The Group Mortgage, LLC blazed a new, low-altitude trail for the closing process. Called Express Closing, the new approach can usher homebuyers through the closing session in as little as 20 minutes, and with as few as 20 documents. Express Closing is grounded in a concept developed by Jason Peifer, branch manager and loan officer for The Group Mortgage. Essentially, the new process sought to eliminate long-standing duplication from the document set, and then dispatched most of the documents via email to the borrower for their review and electronic signatures ahead of the closing appointment. “With TRID (a recently established disclosure regulation for home loans), we have to send out closing figures three days prior,” Peifer said. “The thought came to me, why not send any other documents that we can electronically so the client has time to review in advance.” The net effect: by the time borrowers arrive at an Express Closing, the number of documents to see is pared down to small fraction of the full set, and borrowers only need to make a handful of “wet” signatures to complete the loan. “I never want to hear that joke again, ‘Oh, my hand’s cramping,’” Jason said. “The closing should be the highlight (of the homebuying process). It should be the touchdown dance – not this long arduous process.”



The Group Incs Insider August 2017