The technology components required to digitize closings – things like eSignatures and webcams – have existed for decades. But until recently, digital closings had never been adopted at scale. The limiting factor was not technology, but the fact that the closing process requires coordinated participation from many members of a fragmented ecosystem – each with their own chosen technologies and workflows.
Snapdocs has emerged as the digital infrastructure that connects the mortgage closing ecosystem in order to orchestrate perfect digital closings at scale. It enables lenders to connect with all parties and technologies involved in a mortgage transaction to complete the entire closing process online. The platform allows all participants in a mortgage closing to work together to close deals faster, more efficiently and with dramatically fewer errors.
Snapdocs’ technology platform is built on a multi-party workflow engine that coordinates the activities of all stakeholders in a mortgage closing, bringing clarity and transparency to every step of the process.
This capability plugs into any loan origination system (LOS) or document prep provider, allowing all users to stay in their systems of choice while Snapdocs operates to improve the experience in the background. Snapdocs then employs artificial intelligence to assure accuracy in every document and closing package, eliminating errors and the cost associated with rework.
Technology alone does not enable closings at scale. For the foreseeable future, lenders are certain to have a mix of closing types to manage, be they wet-signed, fully digital, or a hybrid of the two. Snapdocs believes that a single process for all closing types is the key to unlocking scale and ROI. Snapdocs provides lenders with a pragmatic, proven path to adopting digital closings – an approach that also offers borrowers a modern, digital closing experience every single time.
Snapdocs now powers millions of closings a year for lenders, title companies and notaries, touching nearly 20% of all US real estate transactions every month, representing over $60 billion in mortgage value.
“Snapdocs is in the background of the closing processes of the most successful lenders, providing the necessary infrastructure for digital closings to work at scale,” said Aaron King, CEO of Snapdocs.
Waterstone Mortgage is just one example of the power of the Snapdocs platform in action. Waterstone is one of the nation’s largest mortgage lenders with 650 employees lending in 48 states. In early 2020, Waterstone used Snapdocs to spearhead a strategic initiative to move all closings to fully digital experiences. In just three months, the company was able to go from zero digital closings to closing 70% of its loans as hybrid closings.
“We’re already seeing Snapdocs and our ‘hybrid-as-default’ offering become a competitive advantage,” said Tom Knapp, CIO of Waterstone Mortgage. “It’s still a nice surprise for some once they’ve chosen Waterstone Mortgage as their partner, but borrowers now seek us out because of it.”
In 2020, Waterstone closed 40% more mortgages than it had the previous year, with the same number of closers. On average, the company’s hybrid eClosings were 60% faster than wet closings, with an 80% reduction in errors.
Aaron King, CEO
Aaron King has worked in the mortgage industry since high school. Aaron founded Snapdocs in 2013 with the mission to perfect the mortgage closing process.
Camelia Martin, Head of Industry & Regulatory Affairs
Snapdocs, where she collaborates with a broad spectrum of industry participants to advance the adoption of digital mortgage closings.
Briana Ings, Vice President of Product
Briana’s teams prioritize providing pragmatic solutions to lenders through modern and intuitive workflow design, powerful AI capabilities and seamless integrations to core systems.