Digital closing provider Snapdocs has automated its digital closing revenue management system to help the firm create a faster and more transparent process for clients.
In partnering with BillingPlatform, the billing and revenue management solution provides “the automation, scale and flexibility to launch and bill for our core and new products as our business continues to expand,” said Jason Anderson, head of finance at Snapdocs.
From product setup, quoting, billing and invoicing to revenue recognition through payment and collections, the solution provides full life cycle support of the monetization process on a cloud platform.
Snapdocs, founded in 2012, works with hundreds of mortgage lenders and title companies, as well as 100,000-plus settlement agents and 140,000 qualified notaries. It supports one in four residential real estate transactions in the country, according to the firm.
Using its proprietary AI technology, the San Francisco-based company digitizes all loans regardless of type and allows borrowers to preview and electronically sign closing documents before a signing appointment.
Snapdocs said that its customers have 2.5 times greater eNote adoption than non-Snapdocs customers and save an average of $290 per loan. Snapdocs also said it enables lenders to close 1.5 days faster by connecting the lender and settlement workflow into one platform while integrating with point-of-sale (POS) and loan origination (LOS) systems for a digital experience from start to close.
The digital closing provider recently partnered with real estate technology provider SitusAMC to integrate the Snapdocs eVault to SitusAMC’s ProMerit platform, a warehouse lending technology tool.
The collaboration in May was aimed at enabling warehouse lenders to seamlessly and securely manage eNote transactions within their warehouse lending system of record.
