New Research Reveals Large Gap Between eClose Technology Investment and Adoption

Snapdocs unveils survey finding 74% of lenders invested in digital closing technology but only 28% have achieved 60% adoption or better.

Snapdocs Industry Report The State of eClose Adoption


San Francisco — September 20, 2023 — Snapdocs, the U.S. mortgage industry’s leading digital closing provider, today unveiled new research revealing that the majority of lenders who have purchased eClose technology are not realizing the benefits of the product at scale. 

A survey of 100 top mortgage lenders identifies key trends, challenges, and best practices to adopting eClosing technology in the mortgage industry. It found that 74% of lenders have invested in eClose technology, but only 28% of those offering eClosings have achieved an adoption rate above 60%.

Within the survey, lenders cited the challenges to achieving strong digital closing adoption are the perceived technology costs and limitations regarding security, integration capabilities, support for staff training.

However, 60% of lenders surveyed reported eClose initiatives remain a top priority, with goals of enhancing the borrower experience, improving margins, and increasing staff efficiency and closing speed. Previous research released by Snapdocs confirms that the average gross savings-per-loan increases as a loan gets more digitized, with eNote and RON representing the greatest opportunity for cost savings.

“Attaining high eClose adoption at scale requires more than just offering capable technology,” said Snapdocs CEO Michael Sachdev. “The lenders we see achieving success and maximizing the value of digital closings are those that identify the proper strategy, prioritize change management, and meticulously evaluate eClose providers. Our research shows that this translates into greater adoption and greater savings. Our focus at Snapdocs is to aid our lender customers in maximizing eClose adoption by delivering a fully-featured and integrated platform with white-glove support.”

According to Snapdocs’ own data, 60% of lenders using Snapdocs eClosing, the company’s digital closing platform, have reached an adoption rate above 60%. This is about double the adoption rate of the lenders surveyed.

Additional key findings from the research include:

  • Among all lenders, the most common closing type is hybrid (62% of loan volume), followed by wet (53%), then eNote (44%).
  • More than one-in-four lenders—26%—only offer wet or non-digital closings.
  • Non-bank lenders such as independent mortgage banks and credit unions are more inclined to offer wet closings, in which the borrower previews all closing documents digitally before attending an in-person appointment, while national and global banks are more likely to offer hybrid closings and eNotes.
  • Only 11% of lenders offer a fully digital closing using a remote or in-person electronic notarization (RON or IPEN).

This lender survey was conducted in collaboration with Arizent, the parent company of National Mortgage News. A complete summary of the findings is highlighted in Snapdocs’ new industry report, “The State of eClose Adoption.” In addition to publishing the industry report, Snapdocs plans to host a webinar on September 27, 2023, to provide a deep dive into the research findings.

To download the industry report, please visit Those interested in attending the webinar can register at


About Snapdocs

Snapdocs is the mortgage industry’s leading digital closing provider. Powering millions of closings each year, Snapdocs combines an open platform, patented AI technology, the largest settlement network, and a team of industry experts to ensure digital closing success. Our proven approach enables market-leading lenders and title companies to automate the closing process and turn it into a competitive advantage. Using Snapdocs, lenders and title companies close more loans at lower costs while delivering the modern, referral-worthy digital experience borrowers expect. For more information, please visit

Press Contact

Sam Garcia, Publicist
Strategic Vantage Marketing and Public Relations
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Business Contact

Laura Mighdoll

Learn more about 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​​​​​.

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