New artificial intelligence-powered solution ensures lenders offer borrowers a superior experience while creating the most efficient processes for their businesses
SAN FRANCISCO — Sept. 27, 2021 — Snapdocs, Inc., the leading digital closing platform for the mortgage industry, today announced the launch of Closing Quality Control, a new solution that uses patented technology alongside Snapdocs’ unparalleled settlement network to eliminate errors in mortgage closings. Closing Quality Control also automates a number of slow, manual post-closing processes to ensure lenders can operate as efficiently as possible after each closing is complete.
Errors in closing documents are surprisingly common, and these errors are incredibly time consuming to fix. Input from Snapdocs’ lender customers suggests that up to 60 percent of closing packages contain errors, including documents that are incomplete, unsigned, or contain incorrect information. When errors are found, lenders must then compare documents manually to find and correct them in what is typically a slow, back-and-forth process with the settlement partner.
These errors also significantly degrade a borrower’s experience, frequently requiring them to re-sign and re-submit documents. Errors can ultimately impact the borrower’s ability to close on a purchase.
“Errors in closing packages are incredibly frustrating for borrowers, and fixing them is among lenders’ biggest process inefficiencies,” said Snapdocs CEO Aaron King. “Closing Quality Control will eliminate the frustration on both sides of this equation. As the neutral platform that connects all parties in the closing, Snapdocs is uniquely positioned to assure that every closing package is accurate and complete for every stakeholder involved.”
With error-free closings, lenders can accelerate funding, improve the borrower and employee experience, and streamline the secondary marketing process:
- Borrowers enjoy a fast and convenient closing.
Borrowers avoid missing closing dates and repeating steps in the closing process, resulting in an easier escrow process and a positive closing experience.
- Lenders generate repeat and referral business. Fast and error-free closings make it easy for borrowers and their realtors to refer new business to the lender. Lenders who offer error-free closings have a competitive edge over those that do not.
- Funding, post-closing, and secondary marketing processes become much more efficient. These processes are completed faster and require less labor, so lenders can turn their credit lines more quickly, saving on both interest and fees.
- Loans can be serviced significantly faster. Lenders who portfolio their loans can service these loans significantly faster, freeing staff to focus on revenue generating opportunities.
- Title and escrow agents are informed about potential documentation issues sooner. Even before the signing appointment, agents can resolve potential issues before they arise. They will be able to quickly resolve any issues flagged after the signing, creating loyalty with lenders and saving time remediating issues.
Snapdocs showcased the new solution at HousingWire Annual 2021, and is currently working with a set of early access customers prior to general availability of Closing Quality Control. For more information about Closing Quality Control and how to effectively implement digital mortgage closings at your organization, please contact us here.
Snapdocs enables lenders to connect with all parties and technologies involved in a mortgage transaction to complete the entire closing process online. The solution is comprehensive – a networked platform that allows the many participants in a mortgage closing to work together more efficiently and close more deals. Snapdocs’ technology uniquely manages the entire cross-party workflow, appointment scheduling, status updates and notifications necessary to provide a seamless closing experience. The platform connects and integrates with all major real estate technologies, working natively with leading Loan Origination, Point of Sale, Title Production, eNote, and Remote Online Notary solutions, enabling them all to seamlessly interact at scale.
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.