Louisiana-based lender quickly implements seamless, error-free digital closings for retail and wholesale mortgage divisions
SAN FRANCISCO – NOV. 17, 2021 – Snapdocs, a leading digital closing platform for the mortgage industry, announced today that GMFS Mortgage has selected Snapdocs to create a faster, more seamless closing process for its customers. Based in Baton Rouge, LA, GMFS Mortgage has been in business for 22 years, originating and servicing wholesale and retail divisions in 16 states and processing over 16,000 loans per year.
Like many lenders, GMFS experienced lengthy closing cycles that impacted customers, business partners, and internal staff.
The company considered implementing digital closing technology prior to the onset of COVID-19, but as the pandemic hit, digital closings became an immediate priority. The company needed a way to minimize the length of in-person closing appointments while also providing an accurate, efficient closing experience to everyone involved.
In evaluating digital closing solutions, GMFS initially considered a “bolt-on” closing solution offered by its LOS provider. As the GMFS team conducted its research, however, the company quickly realized they needed a more comprehensive solution that would empower the lender and its settlement partners to modernize, streamline and improve the mortgage closing process for every participant.
“Our LOS promised the world with their eClosing technology, and initially, we thought it might be a good path for us,” said David Jagneaux, Closing Manager and VP at GMFS. “However, our technology administrator immediately said, ‘Stick with Snapdocs.’ I’m happy we did, because Snapdocs is easy to use and well ahead of the market.”
GMFS saw results immediately. Since implementing Snapdocs, hybrid closings are increasing, wet closings are decreasing, and eSigning success is approaching 100 percent. Closing times were reduced from 95 minutes to just 15 minutes in one month, allowing GMFS to divert saved time and money to post-closing teams. The company has since rolled out digital closings to its correspondent and wholesale division.
Using Snapdocs, settlement scanback opt-outs have been completely eliminated. Settlement partners have also provided positive feedback on the new QR code assigned to each closing package, a feature which makes it easy to identify and complete every closing. Settlement scanbacks have increased by 25 percent from January to August 2021 as a result.
Within its wholesale (TPO) division, GMFS used Snapdocs to outline a single process for every closing – an identical closing process to their retail loans. When TPO clients realized just how easy completing retail loans was, GMFS set its sights on eNote adoption in wholesale as well.
“In the past when we’ve rolled out new technologies, we heard a lot of complaints,” Jagneaux said. “With Snapdocs, it just works. Rollout went super smooth and super fast, and people were excited about it right out the gate. No complaints from anyone. I remember our closing team’s immediate response was, ‘My god, this is great. You said that was so easy and simple, and it is.’”
“When a customer like David says that our platform ‘just works,’ there’s no higher compliment,” said Vishal Rana, VP of Customer Success for Snapdocs. “We’re excited to continue working with GMFS to help them deliver a perfect closing experience to their customers, partners and everyone involved in the closing process. It’s the perfect illustration of Snapdocs’ ability to deliver our digital closing platform to positively impact borrowers and operations teammates on day one.”
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.
About GMFS Mortgage
GMFS is one of the fastest-growing mortgage companies in the United States, offering great mortgage financial solutions. Headquartered in Baton Rouge, Louisiana, GMFS originates residential mortgage loans primarily in the southern United States. Founded in 1999, GMFS now has about 250 employees.