How Deeded is transforming the real estate closing process

This article was produced in partnership with Deeded

Fergal McAlinden, of Canadian Mortgage Professional, spoke with Reuven Gorsht, CEO of Deeded, on how the company is seeking to create a more efficient, streamlined mortgage closing process for brokers and their clients through technology

It’s in the final stages that a mortgage transaction can face the most peril, with brokers and their clients often seeing unexpected hurdles arise as a deal nears closing.

Lagging communication among the multiple parties involved can cause closing delays, and uncertainty over the status of a deal - all common headaches for brokers and borrowers alike – and those pain points were top of mind for Deeded as the company set out to radically streamline the closing process.

A technology firm that connects users with a range of real estate lawyers for a fully transparent virtual closing experience, Deeded is described by its CEO Reuven Gorsht as “the operating system for closing,” aimed at providing full visibility and peace of mind for brokers and clients throughout the latter stages of the transaction.

The company’s platform is a model that Gorsht said mirrors the approach of appraisal management companies, giving users almost instant access to relevant professionals to help push the deal along and ensure a smooth, painless closing.

“With appraisal management companies, you basically place an order, put in some basic information, and then the company connects you with an appraiser and manages that whole cycle,” he told Canadian Mortgage Professional.

“So in parallel, that’s essentially what we’ve done for the legal and closing side. From a broker perspective, a broker can start a client’s closing with a few clicks. Deeded connects the client and broker with one of the great lawyers in their network within minutes, and the broker and client can track progress in Deeded’s app and always knows what’s next. Deeded helps manage all the steps along the way right to the finish line, funding.”

A smoother mortgage closing process

In the past, brokers and borrowers often found themselves kept in the dark over the status of their file with little idea of where things stood or when they could expect the deal to finally close.

Deeded’s process, on the other hand, is focused on delivering full clarity, according to Gorsht, and ensuring that borrowers are kept apprised of their deal status whenever they need an update.

“The single point of contact will be assigned to the broker and their clients and they’ll keep the brokers in the loop throughout the entire closing until the deal is funded,” he said.

For brokers, that approach removes the often-painstaking process of identifying a lawyer to push the file forward.

“What we’ve simplified is the need to find a lawyer that’s available that can work with your clients and meet closing timelines, signing location and more,” Gorsht said. “Because our model is virtual, we can connect them fairly quickly and make sure they get a really great experience, and really manage that process and the various steps to get from commitment to funding.”

That addresses a challenge that’s all too familiar for brokers in the closing process: the fact that lack of communication or updates from their side can seriously impact their reputation in the eyes of clients, heightening stress and strengthening the idea that the broker and client are not in control of the file.

“When clients don’t hear what’s going on, their anxiety levels can go up,” Gorsht said. “And then they end up calling the broker: ‘Hey, what’s going on? I haven’t heard back – when am I closing? Why is it getting delayed?’

“That leads the broker to do a lot of work, picking up the phone, calling the lawyer, finding out what’s going on and playing phone tag with their clients.”

Transparency at every turn

Through Deeded’s platform, by contrast, brokers and borrowers have the equivalent of a fast-food pizza tracker, allowing every party access to what’s going on with the deal and the latest updates.

Ultimately, the Deeded offering is one that Gorsht said allows brokers to leave a lasting impression with clients and ensures a smooth, hassle-free closing process for all.

“Using a service like Deeded, you’ll gain a huge amount of efficiency by not having to essentially babysit your closing and make sure that it gets funded,” he said. If there are any documents that are missing or anything happens at the 11th hour, you have full visibility to that.

“You’re guaranteed better service at the end of the day which for the broker really equals more accolades and a better overall experience for their client.”

Deeded is a technology platform that connects mortgage brokers and clients with experienced real estate lawyers for a smooth real estate closing process.

For more information on Deeded, visit the company website at www.deeded.ca.