The mortgage industry is highly fragmented and complex, with closings, in particular, involving multiple stakeholders, each of whom has different requirements, processes, and technologies. This complexity can make collaboration between parties a time-consuming and error-prone exercise.
Snapdocs addresses these challenges by providing digital solutions that simplify the closing process, increase cost-savings, enhance the borrower experience, and improve data security. Their eClose platform connects every participant in the closing process through one easy-to-use interface. With Snapdocs, lenders can achieve quality, error-free transactions while automating, standardizing, and gaining visibility into the entire closing process.
Snapdocs designed its eClose platform with four core outcomes in mind:
- To provide a single, streamlined process to accommodate every closing type, loan type, and edge case.
- Create visibility across the entire closing process for every participant.
- Eliminate all time-intensive, error-prone activities through the use of AI-powered automation.
- Ensure complete platform security that minimizes risk and compliance issues.
However, a lender’s ability to digitize requires more than access to technology alone. It’s the combination of industry expertise, strategic guidance, world-class customer support, and powerful technology that makes Snapdocs a unique eClosing provider. In fact, the majority of Snapdocs lenders achieve over 75% eClose adoption within 12 months of implementation.
“A one-size-fits-all eClosing vendor is not an effective long-term solution for most lenders,” said Sasha Stair, senior director of customer success at Snapdocs. “We believe in being the partner that stands in the trenches with our customers, making sure they achieve their eClosing goals in support of their greater business strategies. Our team has helped to develop and implement custom eClose strategies for lenders of every size. Ultimately, this long-term partnership is what has helped so many of our customers reach full eClose adoption.”
While the industry continues to make tremendous strides in embracing digital processes, inherent fragmentation between lender and settlement still results in inefficiencies that impede the industry’s ability to achieve full digital adoption. Snapdocs aims to drive deeper lender and settlement collaboration, starting with the recent launch of Connected Closings, a first-of-its-kind integration between the Snapdocs eClose and Notary Scheduling platforms.
“When I talk with our customers, I often hear a recurring sentiment: lack of alignment between lender and settlement is an issue the industry has yet to overcome, stemming from decades of tedious paper-based closings and manual coordination between parties,” Snapdocs CEO Michael Sachdev said. “Snapdocs is uniquely positioned to solve this challenge thanks to our team’s deep knowledge of the industry, and our unwavering dedication to providing solutions that meet the specific needs of our customers.”
