Snapdocs Inc. has launched Closing Quality Control, a new solution that uses patented technology alongside Snapdocs’ settlement network to eliminate errors in mortgage closings. Closing Quality Control also automates a number of slow, manual post-closing processes to ensure lenders can operate as efficiently as possible after each closing is complete.
Errors in closing documents are surprisingly common, and these errors are incredibly time consuming to fix. Input from Snapdocs’ lender customers suggests that up to 60% of closing packages contain errors, including documents that are incomplete, unsigned or contain incorrect information. When errors are found, lenders must then compare documents manually to find and correct them in what is typically a slow, back-and-forth process with the settlement partner.
These errors also significantly degrade a borrower’s experience, frequently requiring them to re-sign and re-submit documents. Errors can ultimately impact the borrower’s ability to close on a purchase.
“Errors in closing packages are incredibly frustrating for borrowers, and fixing them is among lenders’ biggest process inefficiencies,” says Snapdocs CEO Aaron King. “Closing Quality Control will eliminate the frustration on both sides of this equation. As the neutral platform that connects all parties in the closing, Snapdocs is uniquely positioned to assure that every closing package is accurate and complete for every stakeholder involved.”
With error-free closings, lenders can accelerate funding, improve the borrower and employee experience, and streamline the secondary marketing process. Borrowers avoid missing closing dates and repeating steps in the closing process, resulting in an easier escrow process and a positive closing experience. Funding, post-closing and secondary marketing processes become much more efficient. These processes are completed faster and require less labor, so lenders can turn their credit lines more quickly, saving on both interest and fees. Lenders who portfolio their loans can service these loans significantly faster.
Title and escrow agents are informed about potential documentation issues sooner. Even before the signing appointment, agents can resolve potential issues before they arise. They will be able to quickly resolve any issues flagged after the signing.
