Mortgage closings require tight coordination between many parties in a fragmented ecosystem, all of whom have their own systems and processes. To enhance communication throughout the mortgage process, Snapdocs enables lenders to connect with all parties and technologies involved in a mortgage transaction to complete the entire closing process online.
Though the components required for digital closings have existed for decades, it previously took lenders months or years to string them together to orchestrate an online closing process – and none of these ad hoc solutions allowed lenders to scale.
With Snapdocs, lenders can implement digital closings at scale in as little as one month and quickly start handling higher loan volumes with the same amount of people.
Snapdocs’ technology platform is built on a multi-party workflow engine that coordinates the activities of all stakeholders in a mortgage closing, bringing clarity and transparency to every step of the process. This capability plugs into any loan origination system (LOS) or document prep provider, allowing all users to stay in their systems of choice while Snapdocs improves the experience in the background.
Snapdocs then employs artificial intelligence to assure accuracy in every document and closing package, eliminating errors and the cost associated with rework.
Snapdocs’ powerful AI automatically sorts documents into wet-sign and eSign packages based on the lender or investor’s preference, then annotates the documents for eSigning — a process that’s completed in just a few minutes. Lenders no longer have to manually tag or QC documents after eSignature templates have been applied. Instead, they can completely automate the work that’s needed to prepare documents for hybrid closings or eClosings.
With Snapdocs managing the entirety of the closing process in the background and pushing data and documents to key systems like LOS and POS, lenders now have the freedom to select and change the rest of their tech stack without disrupting their closing process, all while ensuring they’re able to process more loan volume with dramatically fewer errors and no additional human effort.
Lenders who use Snapdocs see real ROI from day one because Snapdocs removes manual tasks – like downloading and printing documents or sending emails – across all closings, which saves lenders valuable time.
Lenders are able to implement Snapdocs in just a few weeks and digitize 99% of their loan volume in an average of four months. By doing digital closings at scale, lenders can shorten the closing process by two days on average.
Lenders appreciate how easy Snapdocs is to implement and use, along with how easy and intuitive it is for settlement agents and borrowers. Last year, when it was not unusual for lenders to grow volume 50% or more, it was also not unusual for Snapdocs customers to handle this surge in volume with zero additional headcount in closings.
Snapdocs is a single platform for all closings that uses automated workflows, which allows lenders to maximize operational efficiency and increase loan volume with the same amount of people.
And not by coincidence, the very same factors that allow Snapdocs customers to achieve greater efficiency are those that contribute most to a positive borrower experience – error free documents, clear and updated views on status of the closing and ultimately a closing that goes as expected with no last-minute surprises.
Snapdocs is a true partner to lenders. Rather than trying to disrupt the mortgage industry, Snapdocs works to gain a deep understanding of how things are done best to help users improve existing processes.
Product Snapshot: Snapdocs is the digital infrastructure that connects the mortgage closing ecosystem in order to orchestrate perfect digital closings at scale.
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