In the last four months, Primary Residential Mortgage Inc. (PRMI) has used Snapdocs’ eVault and digital closing platform to scale eNote adoption across 250 branches in 49 states.
Alyssa North, senior vice president of operations at PRMI, said PMRI is trying to advance the adoption of digital closings and make eNote the default.
“eNotes are a win-win for PRMI and our valued borrowers,” North said. “The unique combination of best-in-class technology and deep industry knowledge Snapdocs provides is why we chose to partner with Snapdocs on this eVault initiative.”
PRMI has reported a four-day reduction in dwell time for mortgages closed as eNotes and more than $250 in savings for each loan.
The Snapdocs eVault is built for loan originators and secondary market participants. It captures audit logs and offers detailed reporting to ensure “security and enforceability of loan collateral,” the company stated.
Snapdocs provides a single platform to generate, execute, store, and transfer copies of eNotes and other electronic mortgage documents. Once eNotes are stored in its eVault, it is registered with the MERS eRegistry and delivered to secondary market participants.
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It is compliant with MISMO eVault standards and has also completed certification with Freddie Mac and Fannie Mae.
“They [Snapdocs] realize that technology alone doesn’t solve problems and have taken the time to understand the challenges and nuances of our business – and how all of that informs our overall digital transformation,” North said.
Aaron King, CEO of Snapdocs, said the Snapdocs eVault aims to make mortgage transactions faster, more reliable and accessible for all mortgage participants and address the challenges facing eNote adoption in the industry.
“When we looked at the value eNotes offer relative to adoption, we realized there were gaps in the decades-old eVault solutions preventing lenders – and the industry at large – from getting to scale,” King added. “We’ve combined best-in-class technology with unmatched support to ensure customers experience successful implementations and widespread adoption.”
