Partnership delivers first-ever centralized repository for digital closing acceptance criteria to help lenders determine the optimal digital closing type for every loan
WASHINGTON D.C. — Sept. 20, 2021 —
MISMO, the real estate finance industry’s standards organization, announced the launch of the MISMO e-Eligibility Tool, Powered by Snapdocs. The new online tool will be developed in partnership with Snapdocs, Inc., the leading digital closing platform for the mortgage industry, to help lenders easily determine the right type of digital mortgage closing for each loan by quickly assessing the different factors that impact its e-Eligibility, or its ability to be digitized.
Although the industry is rapidly adopting digital mortgage closings, not all closings can be fully digitized. Several factors influence a loan’s e-Eligibility including the lender’s trading partners’ acceptance policies, the county recorders’ capabilities, title underwriting requirements, eNotarization regulations, and the settlement agent’s readiness.
The MISMO e-Eligibility Tool, Powered by Snapdocs will serve as the industry’s first utility to offer centralized access to the network of policies that impact digital closings. It will enable lenders and other industry participants to confidently determine how “e” loan closings can be, and optimize the digitization of the closing process.
“MISMO is dedicated to supporting the industry’s transition to digital mortgage closings. By ensuring transparency and accessibility into the requirements that govern them, lenders can more confidently digitize their closings in a way that’s compliant and doesn’t restrict their ability to sell that loan on the secondary market. This new tool does exactly that,” said Seth Appleton, President, MISMO. “We applaud Snapdocs for taking the initiative to help us develop tools that support industry-wide adoption of digital closings.”
“One of the biggest barriers holding the industry back from broader adoption of digital mortgage closings is the difficulty in determining the e-Eligibility of the millions of closings lenders process each year,” said Aaron King, Snapdocs CEO. “This tool cuts through the complexity of selecting the best closing type for each loan and will help lenders improve efficiency, increase profitability, reduce errors, and provide a better experience for borrowers. We’re proud to invest in this initiative with MISMO to put the industry on a path to perfect closings.”
The partnership to launch the e-Eligibility tool draws from Snapdocs’ and MISMO’s respective areas of expertise. Snapdocs will develop the technology that powers the tool, and MISMO will collaborate with industry participants to ensure that the tool has the most robust and up to date digital closing criteria possible.
The e-Eligibility Tool will be made available to MISMO Members beginning in Q1 2022 via an online interface and APIs which can be integrated into other technology platforms.
MISMO is the standards development body for the mortgage industry. MISMO developed a common language for exchanging information for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes while creating cost savings for the consumer. MISMO is a subsidiary of the Mortgage Bankers Association. MISMO stands for Mortgage Industry Standards Maintenance Organization. For more information, please visit https://www.mismo.org/digital-mortgage-resource-center/eeligibilityservice.
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.