SAN FRANCISCO – June 1, 2022 – Snapdocs, the leading digital closing platform for the mortgage industry, today shared details of Revolution Mortgage’s use of e-Eligibility to mitigate business risk and accelerate digital closing adoption.
Founded in 2018 with 75 physical locations nationwide, Revolution Mortgage is already becoming synonymous with low rates, fast closings, and superior customer experience. Central to that was the implementation of digital closings in early 2021 to provide a new digital option to borrowers while also streamlining internal processes. Before rolling out the initiative, Revolution quickly realized how difficult it was to keep track of which investors accepted digital closings and to what extent – often called e-Eligibility. Without digital closings, Revolution had to manually scan back all packages into their system, reducing the margin on each loan and slowing adoption while also creating a less than ideal borrower experience.
“There is a huge information gap for lenders thinking they can analyze their eligibility in-house. You don't know what you don't know..."
–Femi Ayi, VP Branching Operations at Revolution Mortgage
Revolution was one of the first lenders to take advantage of Snapdocs’ e-Eligibility Assessment, a free offering in partnership with Falcon Capital Advisors and The Mortgage Collaborative (TMC) to determine how digital – or “e-Eligible” – loans can be. The assessment offered Revolution a full breakdown of its entire portfolio and showed how digitized each loan could be, mitigating business risk of investors accepting loans and eliminating the manual uploading, printing, scanning, and mailing sensitive documents. By analyzing Revolution’s portfolio against relevant counterparty, state, county, and settlement & title preferences, Falcon and Snapdocs determined adoption goals by digital closing type, including wet, hybrid, eNote, and RON. This insight enabled Revolution to build a roadmap to scale digital closing adoption and receive expert recommendations on how to implement digital closings for wet, hybrid, and full eClose loan types.
"The Snapdocs e-Eligibility Assessment allowed us to easily set expectations with our partners and make sure they were ready to transition to a much more e-friendly offering."
“There is a huge information gap for lenders thinking they can analyze their eligibility in-house. You don't know what you don't know, and with the market changing so quickly, it's nearly impossible to collect all the different aspects of what's e-Eligible. The Snapdocs e-Eligibility Assessment allowed us to easily set expectations with our partners and make sure they were ready to transition to a much more e-friendly offering. Snapdocs’ implementation team provided the framework and support to make it happen and ensure we were successful,” said Femi Ayi, VP Branching Operations at Revolution Mortgage.
Already experiencing early digital closing success, Revolution also plans to offer eNote and Remote Online Notarization (RON) to borrowers, where eligible, later this year.
“Applying e-Eligibility to Revolution’s process has enabled them to maximize eClosing usage, manage compliance risk and liquidity, and above all, gain a competitive advantage in an increasingly crowded market,” said Camelia Martin, Vice President, Industry & Regulatory Affairs, Snapdocs.
“We’re excited to continue partnering with Revolution Mortgage on their digital mortgage journey and to accelerate their digital closing success.”
– Camelia Martin, Vice President, Industry & Regulatory Affairs, Snapdocs
The Snapdocs e-Eligibility Assessment is just one tool of many that Snapdocs provides its customers to adopt and scale digital closing success. Learn more about Snapdocs’ eSuite, or receive a free e-Eligibility assessment.
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 www.snapdocs.com.