25 Questions to Ask When Evaluating an eClosing Provider

25 Questions to ask your eClosing Provider
Snapdocs
Snapdocs

Not every digital closing solution offers the functionality necessary to meet your needs. Here are 25 questions to ask when evaluating a digital closing provider.

 

Business Results

  • What is the average percent of eClose adoption (wet, hybrid, eNote, RON) across your customers?
  • What are the average cost savings your customers achieve per loan?
  • What is the improvement your customers see in time (days) to close a loan?
  • What improvements have your customers seen in terms of borrower experience (NPS)?
  • What is the average error rate on closing packages?

 

Technology Features

  • Can your solution integrate with my tech stack (LOS, TPS, Doc Prep, eVault, etc.)?
  • What other integrations do you have available?
  • How does your technology support different county, state, and investor requirements?
  • What features/capabilities have you developed to improve borrower experience?
  • How have you utilized AI to reduce errors and/or manual workflows?
  • How is important information shared between lender, settlement, and borrower (e.g., appointment status, closing documents, notary details)?
  • Are there any loan types that your solution doesn’t support?
  • Are there any edge cases that your solution doesn’t support?

 

Customer Support and Implementation

  • What does your customer support model look like?
  • How many lenders and settlement companies are currently putting closings through your solution?
  • What is the average time to first live loan?
  • What is the average time to full eClose adoption?
  • What does your change management support/process look like?
  • How do you ensure stakeholder adoption (loan officers, settlement agents)?
  • What are your adoption rates (opt-out) for settlement agents and borrowers?
  • What training resources do you provide to loan officers and settlement agents?
  • What resources do you provide to help borrowers who are unfamiliar with digital closings?
  • If/when issues arise, what support do you provide and is there a service level agreement (SLA) in place?
  • What resources do you provide to help identify which investors accept digital closings?
  • How do you help lenders understand their portfolio’s digital eligibility (how "e" each loan can be)?
  • Do you have any current customers that I can talk to?

Learn more about Snapdocs

Snapdocs

Founded in 2013, Snapdocs is the mortgage industry’s leading digital closing platform. With its patented AI technology and connected platform, Snapdocs is on a mission to perfect mortgage closings for all. ​Powering millions of closings a year, Snapdocs is leading the charge to modernize, streamline, and improve the mortgage process for lenders, borrowers, and settlement. Snapdocs is the only solution with a proven track record of creating a single, scalable process for every closing. ​Every day, over 130,000 mortgage professionals rely on Snapdocs to automate manual work and digitize paper processes that plague the industry. Snapdocs is a rapidly growing San Francisco based real estate technology company backed by leading investors including Sequoia, Y Combinator, Tiger Global, F-Prime, Zigg Capital, Alkeon, Wellington Management, Greenpoint Partners, Maverick, Founders Fund, SV Angel, Gokul Rajaram, Lachy Groom, Jack and Sam Altman and Coyne Lloyd. To learn more, please visit​​​​ snapdocs.com​.

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