Digital closing provider Snapdocs is partnering with real estate technology provider SitusAMC to integrate the Snapdocs eVault to SitusAMC’s ProMerit platform, a warehouse lending technology tool, the companies announced on Thursday.
This collaboration allows warehouse lenders to seamlessly and securely manage eNote transactions within their warehouse lending system of record. An eNote, the digital version of a traditional paper promissory note, contains all the terms of a mortgage and is created, signed and stored electronically.
“Today, eNote adoption by mortgage originators is just under 10%, and projections indicate it will reach nearly 30% of all new loan originations within a few years. To support this growth, warehouse lenders need to manage eNotes at scale,” Camelia Martin, vice president of eMortgage strategy at Snapdocs, said in a statement.
“Most large warehouse lenders are not realizing the efficiency benefits of eNotes, and our partnership with SitusAMC equips them to manage eNotes from within their existing systems and capture these benefits. This will enable warehouse lenders to better serve the needs of their customers.”
The integration between SitusAMC and Snapdocs facilitates the transactions of eNotes to and from ProMerit and the Snapdocs eVault. Warehouse lenders can centralize their eNote management process within ProMerit. Warehouse banks will be able to accept eNote transfers, initiate outgoing eNote transfers, reconcile eNote data and view eNote statuses, all within ProMerit.
Flagstar Bank recently announced its exit from the warehouse lending space. JPMorgan Chase Bank was the leader in the warehouse space in the fourth quarter of 2023, with $20 billion in volume and a 20.8% market share, according to estimates from Inside Mortgage Finance (IMF).
