Primary Residential Mortgage Inc. has started using Snapdocs’ new Snapdocs eVault and digital closing platform to scale electronic promissory note (eNote) adoption. Snapdocs collaborated closely with the national mortgage lender to inform development and bring its purpose-built eVault technology to market.
“eNotes are a win-win for PRMI and our valued borrowers. We’re dedicated to advancing the adoption of digital closings and making eNote the default whenever possible,” says Alyssa North, SVP of operations at PRMI. “Snapdocs is our trusted partner in scaling eNotes and furthering our digital closing strategy. The unique combination of best-in-class technology and deep industry knowledge Snapdocs provides is why we chose to partner with Snapdocs on this eVault initiative.”
The national mortgage lender selected Snapdocs and rolled out digital closings with eNotes using the Snapdocs eVault across 250 branches in 49 states in just four months. So far, PRMI has seen a four-day reduction in dwell time for mortgages closed as eNotes, leading to a savings of more than $250 per loan.
“From the beginning, we’ve had the utmost confidence and trust in Snapdocs. They realize that technology alone doesn’t solve problems and have taken the time to understand the challenges and nuances of our business – and how all of that informs our overall digital transformation,” continues North. “That tight partnership has already manifested itself in our early eNote successes, and we expect that to only grow over time.”
The Snapdocs eVault is purpose-built for loan originators and secondary market participants to scale eNote adoption. With the addition of an eVault to its suite of digital mortgage products, Snapdocs provides a single platform to securely generate, execute, store and transfer copies of eNotes and other electronic mortgage documents. Snapdocs automatically stores the eNote in the secure eVault, registers the eNote with the MERS eRegistry, and allows instant delivery to all secondary market participants, including investors, warehouse lenders, servicers and document custodians.
“When we looked at the value eNotes offer relative to adoption, we realized there were gaps in the decades-old eVault solutions preventing lenders – and the industry at large – from getting to scale. Leveraging feedback from PRMI and other customers, we’ve developed the Snapdocs eVault to address the pain points holding our industry back. We’ve combined best-in-class technology with unmatched support to ensure customers experience successful implementations and widespread adoption,” comments Aaron King, CEO of Snapdocs. “This offering is another step in building the infrastructure to make digital mortgage transactions faster, more reliable, and more accessible for all mortgage participants.”