Snapdocs, a digital closing provider in the mortgage industry, has launched Connected Closings, a first-of-its-kind integration between the Snapdocs Digital Closing and Notary Scheduling platforms.
The new integration allows Snapdocs customers to reduce closing times by at least a day and a half; settlement companies to eliminate manual tasks and return scanbacks twice as quickly; and borrowers to electronically sign documents prior to the closing appointment more than 90% of the time. Snapdocs lender and settlement customers currently using Connected Closings include The Federal Savings Bank and BCHH, a provider of real estate title and closing nationwide.
“Lender and settlement workflows have historically been completely fragmented, resulting in errors and wasted time,” says Snapdocs chairman and founder Aaron King. “This industry-first innovation is a win-win for both parties. Lenders feel more in control with visibility and access to the real-time information around the signing. Meanwhile, settlement can increase revenue opportunities by providing a digital experience lenders actually want to use.”
Connected Closings reduces superfluous, back-and-forth communication by offering seamless data exchange, automatic document sharing between all parties and real-time updates of the signing appointment, notary search and closing documents. By unifying Snapdocs Digital Closing and Snapdocs Notary Scheduling workflows, Connected Closings ensures a smooth signing and closing experience.
“At a time when real estate transaction volumes have slowed, the ability to digitally collaborate with lenders gives us a valuable edge,” says Melanie Miller, senior operations manager, BCHH. “It removes manual tasks and reduces errors while automatically sending signing updates to ensure that the lender, our scheduler and the notary are perfectly in-sync.”
For lenders, driving settlement adoption of new technology and workflows has been a significant hurdle for digital closing implementation. Connected Closings provides increased transparency, improved communication and streamlined coordination – a substantial incentive for title companies to become more engaged in the digital closing process.
