Infographic: The 5 Rs of e-Eligibility for Mortgage Closings

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The 5 Rs of e-Eligibility for Mortgage Closings
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The 5 Rs of e-Eligibility for Mortgage Closings

There are five key factors that enable, restrict, and impact the extent to which a loan can be closed digitally. These factors are known as the loan’s e-Eligibility.

Why lenders are digitizing closings

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In 2020, four Federal Home Loan Banks (Des Moines, Dallas, Chicago, and Topeka) announced their eNote acceptance programs. Since then, Indianapolis, Atlanta, Boston, and Pittsburgh have followed suit.


Ginnie Mae also launched its digital collateral program in 2020, initiating its acceptance of eNotes and eNotarization.

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The number of states that passed RON laws in recent months tripled to 30 in 2020 alone.

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As of March 2021, 2,217 counties support the use of eRecording, representing more than 85% of the US population

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2020 was a record year for eNotes, with 462,671 registered on the MERS(R) eRegistry. This shattered the previous record set in 2019 of 127,178, a 261% YOY increase.

81% of consumers now prefer a digital experience

Wondering where to start? Get a free e-Eligibility assessment of your entire loan portfolio

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Lowered costs

Eliminate the costs associated with managing paper documents.

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Improved operational efficiency

Remove manual steps and reduce errors, so that you process more loans, faster.

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Better borrower experience

Offer borrowers choice, consistency, and convenience during a key moment of the mortgage process.

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Stronger partner strategy

Empower your staff to optimally engage their network of partners and stakeholders

80% reduction in post-close quality control efforts, per lenders using Snapdocs

Interested in more benefits of digitization? Download the full 5 R’s of e-Eligibility eBook

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What are the 5 Rs?


Counterparty Requirements

whether the investor, warehouse lender, or other counterparties that the lender will deliver loans to will accept electronically signed (eSigned) and/or electronically notarized (eNotarized) closing documents.


County Land Recording

whether the local county recorder’s office will accept eSigned and eNotarized closing documents for recording.


Title Underwriter Restrictions

whether the title underwriter imposes any restrictions on digital mortgage closings.


eNotarization Regulations

whether the state laws and regulations permit the use of eNotarization, generally in-person electronic notarization (IPEN) or remote online notarization (RON).


Settlement Readiness

whether the settlement agent is enabled to facilitate digital mortgage closings.

Wondering where to start? Get a free e-Eligibility assessment of your entire loan portfolio

Get the Assessment

40% more closings processed compared with traditional closing methods, per lenders using Snapdocs

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