Digital Closing Results
borrowers previewed their documents prior to the closing
loan closings eligible to eSign
closings on platform
months, successful rollout
For the last four years, Taylor Morrison has been named America’s Most Trusted® National Home Builder. Their obsession with customer satisfaction also extends to their lending division, Taylor Morrison Home Funding, which exclusively does purchase transactions.
When it became clear that the industry was inevitably moving towards digital closings, Taylor Morrison saw a great opportunity to differentiate themselves from the market and to replace the bad stigma attached to mortgage closings with a celebratory conclusion to the home buying process.
They envisioned the perfect closing experience, one where borrowers could preview all their documents, ask questions, and communicate with the loan officer and settlement agent before arriving at the closing table. On the day of the closing, borrowers would eSign the majority of the documents and wet sign just a few pages at the title office or at their new house.
When considering alternative digital closing software, Taylor Morrison found that vendors required them to break apart their document sets or had major limitations working with their existing technology stack. They would need to hire a new document preparation provider, one that was specifically compatible with the vendor. This led them to choose Snapdocs Digital Closing Platform, which would cause the least amount of disruption to their existing processes. Snapdocs was the only one who could intake an entire Encompass document set, automatically sort it into wet sign and eSign packages, and then tag the appropriate documents for eSigning accurately, quickly, and based on lender and investor preferences. Because Snapdocs is compatible with any LOS and document preparation provider, Taylor Morrison was able to retain their existing LOS, documents, and workflows.
“Snapdocs is a win-win. It’s a win for customer experience and it’s a win for efficiency.”
Jeff Henkel | Vice President Closing Fulfillment, Taylor Morrison
Since implementing Snapdocs, Taylor Morrison has enhanced their customer experience tremendously. “Now, they’re [borrowers] coming to the table less apprehensive. They’ve already seen all of their documents. They know exactly what they’re signing. There’s no aha. There’s no surprises,” Jeff Henkel, Taylor Morrison’s Vice President of Closing Fulfillment, described. The closing appointment is reduced from an hour to 15 minutes, providing significant ROI to their settlement partners. They’ve seen a more streamlined funding process, since eSigned documents don’t have to be checked for missing signatures.Taylor Morrison’s approach to digital closings has put them ahead of other builder-affiliated lenders. More importantly, they got to where they wanted to be with minimal disruption, demonstrating that it’s not necessary for lenders to overhaul their entire process in order to offer eClosings.
With Snapdocs, Taylor Morrison has been completing closings faster than ever, and their customers come and leave happier than before. They’ve wowed their customers at the final touchpoint, giving them a competitive advantage and helping them build long-term relationships that can generate more referrals.
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 snapdocs.com.
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