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Hybrid-as-default offers competitive advantage in mortgage industry

With Snapdocs, Waterstone has seen a 40% YoY (year-over-year) increase in their ability to handle loan volume without adding temporary employees or headcount. Waterstone has documented a massive improvement in borrower experience and general operational efficiencies–including a reduction in cost of doing business. Particularly throughout the pandemic, borrowers expect a full digital closing experience, and Waterstone has had a competitive advantage in the market to make homeownership possible no matter the circumstance.

Successful software adoption

One of the most important parts in solving the fragmentation within the mortgage industry is adoption at scale. The hybrid-as-default for borrowers and loan officers helped Waterstone’s adoption process and has made the entire rollout process seamless for the Waterstone team.

“We’ve had tremendous adoption from settlement, LOs [loan officers], and borrowers due to the seamless closing process. We are more than pleased with the way Snapdocs works with our other technology vendors and we cannot recommend them enough.”

— Jake Rowoldt, IS Project and Change Manager at Waterstone Mortgage

Increase in month-over-month eNote adoptions & rollout

Waterstone’s partnership with Snapdocs has made following all new laws and regulations within the industry easy for their team to keep track of. When RON (remote online notarization) was legalized in a number of states throughout 2020, Waterstone made the decision to roll out eNote and RON to their borrowers which has continued to help them stand out in the industry. Starting in November of 2020, they’ve made a significant jump to eNote certification every month, and have seen approval not just from borrowers, but from settlement and local municipalities alike.

Tech stack flexibility and efficiency

Waterstone has also seen an increase in flexibility within its tech stack–having the ability to integrate with any LOS and document preparation provider–making it easy to configure (and reconfigure) their tech stack as they see fit. This is especially important to Jake and the Waterstone team because it allows them to serve their borrowers with a best-in-class homebuying experience.

Learn more about how Waterstone Mortgage moved to 70% hybrid closing in just three months. — Download the case study.