Digital Mortgage Closings Will Help Indiana-Based Credit Union Increase Efficiency, Reduce Errors While Continuing to Provide a Great Experience for Its Customers and Community
SAN FRANCISCO — 11/4/2021 — Snapdocs, Inc., a leading digital closing platform for the mortgage industry, today announced that Teachers Credit Union (TCU) has chosen Snapdocs to streamline and digitize the mortgage closing process for its customers. Teachers Credit Union is Indiana’s largest credit union with more than $4 billion in assets, and has nearly 60 branches throughout the state of Indiana and Southwest Michigan, serving more than 300,000 members. Using Snapdocs, TCU plans to digitize its mortgage closing process in order to create a more efficient workflow for its employees, and a better experience for its customers.
As lenders nationwide saw mortgage origination reach record-breaking volume in 2020, TCU was no exception. The credit union saw a 300 percent increase in the amount of mortgages it processed from 2019 to 2020, and TCU’s staff, using mostly paper-based processes, quickly became overwhelmed. With volume increasing, errors were as well. TCU’s document review process was mostly done manually, and more mortgages crossed its staff’s desk, more documents containing errors got sent out to customers.
With the help of Snapdocs’ digital platform, TCU hopes to create a more flexible internal process for closing mortgages that will allow it to instantly scale the amount of closings it can handle without having to dramatically increase staff. Snapdocs will also help TCU provide a better experience to its customers, giving them the ability to sign documents electronically while eliminating errors and the need to resign corrected documents.
“We’ve seen quite a substantial rise in member satisfaction since using Snapdocs,” said Vi Ryder, Teachers Credit Union’s VP of Mortgage Operations. “We’ve been able to close more loans while spending less time and money doing so.”
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.
“We want to offer a perfect closing experience every time someone uses our product,” said Vishal Rana, Snapdocs’ VP of Customer Success. “If the lenders, settlement partners, notaries and everyone else involved in a mortgage closing can work together seamlessly, borrowers will have a great experience, and that means we’ve done our job well. We’re excited to help Teachers Credit Union provide that to its customers.”
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.
About Teachers Credit Union
Teachers Credit Union (TCU) is Indiana’s largest Credit Union with more than $4 billion in assets, nearly 60 branches throughout the state of Indiana and Southwest Michigan, and more than 300,000 members. A financial cooperative owned by its members, TCU offers traditional financial services including checking, savings, mortgages and credit cards, as well as non-traditional services such as investments and insurance. Since its founding in 1931, TCU has been invested in the communities it serves.