SAN FRANCISCO – April 22, 2024 – Snapdocs, the mortgage industry’s leading digital closing provider, released new third-party research revealing lenders using its eClosing platform are 18 days faster than industry peers across the loan production timeline—from loan application through delivery to the secondary market. The research, independently conducted by advisory firm STRATMOR Group, collected self-reported performance data from over 150 mortgage lenders1.
STRATMOR Group found that the average lender in the participant group spent over 70 days from application to shipping, including 48.7 days from application to closing and 21.6 days from closing to shipping. Lender participants using the Snapdocs eClosing platform averaged only 41.1 days from application to closing and 11 days from closing to shipping—a 26% overall improvement. Further value was identified for Snapdocs lender participants that move loans off warehouse lines. These lenders averaged 18.6 days on warehouse lines, as compared to the non-Snapdocs participant average of 29.3 days—a 37% reduction in funding cycle time2.
“We analyzed the average number of days between application and closing, between closing and shipping, and on warehouse lines,” said Garth Graham, Senior Partner at STRATMOR Group. “Mortgage lenders utilizing the Snapdocs eClosing platform outperformed their participant peers across all three metrics.”
Many factors, including employee productivity and efficient processes, can improve loan velocity throughout the loan life cycle. However, STRATMOR Group’s research indicates that one factor among the fastest lenders is selection of partners, including the use of the Snapdocs eClosing platform. While the financial impact of improved loan velocity varies for each mortgage lender, saving time leads to cost savings and more satisfied borrowers.
“Snapdocs helped us implement operational efficiencies that fed right back into our system,” said Chelsea Nelson, Vice President of Mortgage Operations at Elevations Credit Union, an Equal Housing Opportunity lender, NMLS# 717246. “We have faster closings, fewer errors, and no document scanning or sorting. Post-closing times have been cut in half, if not two-thirds. Those efficiencies translate into monetary value pretty quickly."
Snapdocs produced a report titled "The Need for Speed" that examines STRATMOR Group's research to identify lenders achieving the fastest loan velocities and the key factors driving their success. The report also references data from National Mortgage News and the MERS registry that found Snapdocs customers have an eClosing adoption rate 2.5 times3 higher than the industry average, as well as the highest utilization of eNotes among retail mortgage lenders.
“STRATMOR's research offers a comprehensive look at how eClosing technology is reshaping the lending landscape by enhancing loan processing speed, reducing operating costs, and improving borrower satisfaction,” said Micheal Sachdev, CEO of Snapdocs. “We are proud to help our lender customers reach adoption at scale, thereby capturing the full value of eClosing.”
Read the complete report at snapdocs.com.
1, 2, 3 Need for Speed Report | page 3, page 5, page 7 respectively
About STRATMOR Group Survey
The survey conducted by STRATMOR Group gathered self-reported data from over 150 diverse mortgage lenders, including independent mortgage bankers, banks, and credit unions. The data was collected over a 24-month period from January 2022 to December 2023. The participants included both mortgage lending institutions using eClosing technology and non-eClosing users. For more information, please visit stratmorgroup.com.
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 Snapdocs.com.
Media Contacts
For Snapdocs:
Sam Garcia, Publicist
Strategic Vantage Marketing and Public Relations
214.762.4457 | samgarcia@strategicvantage.com
Laura Mighdoll, Business Contact
Snapdocs
press@snapdocs.com
