Research conducted by STRATMOR Group shows that mortgage lenders using Snapdocs’ e-closing platform are 18 days faster than industry peers across the loan production timeline—from loan application through delivery to the secondary market.
The research is based on self-reported performance data from over 150 mortgage lenders. It shows that lender participants using the Snapdocs e-closing platform averaged only 41.1 days from application to closing and 11 days from closing to shipping—a 26% overall improvement.
Further value was identified for Snapdocs lender participants that move loans off warehouse lines. These lenders averaged 18.6 days on warehouse lines, as compared to the non-Snapdocs participant average of 29.3 days—a 37% reduction in funding cycle time.
“We analyzed the average number of days between application and closing, between closing and shipping, and on warehouse lines,” says Garth Graham, senior partner at STRATMOR Group, in a release. “Mortgage lenders utilizing the Snapdocs e-closing platform outperformed their participant peers across all three metrics.”
Many factors, including employee productivity and efficient processes, can improve loan velocity throughout the loan life cycle. However, STRATMOR Group’s research indicates that one factor among the fastest lenders is selection of partners, including the use of the Snapdocs e-closing platform. While the financial impact of improved loan velocity varies for each mortgage lender, saving time leads to cost savings and more satisfied borrowers.
“Snapdocs helped us implement operational efficiencies that fed right back into our system,” says Chelsea Nelson, vice president of mortgage operations at Elevations Credit Union. “We have faster closings, fewer errors, and no document scanning or sorting. Post-closing times have been cut in half, if not two-thirds. Those efficiencies translate into monetary value pretty quickly.”
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