Snapdocs Inc. has announced that Teachers Credit Union (TCU) has chosen Snapdocs to streamline and digitize the mortgage closing process for its customers.
Teachers Credit Union is Indiana’s largest credit union, with more than $4 billion in assets, and has nearly 60 branches throughout Indiana and southwest Michigan. Using Snapdocs, TCU plans to digitize its mortgage closing process in order to create a more efficient workflow for its employees, and a better experience for its customers.
As lenders nationwide saw mortgage origination reach record-breaking volume in 2020, TCU was no exception. The credit union saw a 300% increase in the amount of mortgages it processed from 2019 to 2020; TCU’s staff, using mostly paper-based processes, quickly became overwhelmed. With volume increasing, errors were as well. TCU’s document review process was mostly done manually, and more mortgages crossed its staff’s desk, more documents containing errors got sent out to customers.
With the help of Snapdocs’ digital platform, TCU hopes to create a more flexible internal process for closing mortgages that will allow it to instantly scale the amount of closings it can handle without having to dramatically increase staff. Snapdocs will also help TCU provide a better experience to its customers, giving them the ability to sign documents electronically while eliminating errors and the need to resign corrected documents.
“We’ve seen quite a substantial rise in member satisfaction since using Snapdocs,” says Vi Ryder, Teachers Credit Union’s VP of mortgage operations. “We’ve been able to close more loans while spending less time and money doing so.”
Snapdocs’ technology manages the entire cross-party workflow, appointment scheduling, status updates and notifications necessary to provide a seamless closing experience. The platform connects and integrates with all major real estate technologies, working natively with loan origination, point of sale, title production, eNote and remote online notary solutions, enabling them all to interact at scale.
“If the lenders, settlement partners, notaries and everyone else involved in a mortgage closing can work together seamlessly, borrowers will have a great experience, and that means we’ve done our job well,” comments Vishal Rana, Snapdocs’ VP of customer success. “We’re excited to help Teachers Credit Union provide that to its customers.”