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Waterstone Mortgage, a company that is licensed in 48 states and has 650 employees, moved 70% of its closings to hybrid in three months. The company made the transition through Snapdocs' digital mortgage platform.
“While many lenders continue to just talk about moving to digital, we’re making tremendous strides in making it the default at Waterstone Mortgage. We believe in taking a very deliberate, structured approach to ensure optimal client service and experience along the way, and the feedback thus far has been overwhelmingly positive,” said Tom Knapp, chief information officer at Waterstone Mortgage. “Working with Snapdocs as our technology partner, we’re already seeing an improved borrower experience and operational efficiencies, and even starting to see a reduction in the cost of doing business.”
The move was part of an 18-mont initiative in early 2020 to move all closings to a fully digital experience. According to a press release, the first step in doing so has been moving to hybrid as the default option. This gives borrowers to preview closing documents and eSign eligible documents prior to closing appointments in hopes to promote a smooth process and shorter closing times.
“Companies like Waterstone Mortgage that had strategies in place prior to COVID-19 are now leading the pack and seeing it pay off in the form of more inbounds, faster closings and streamlined operations. As the industry at large reconciles its old ways in adopting digital workflows, we’re seeing early adopters like Waterstone Mortgage show glimpses of the future,” said Aaron King, founder and CEO of Snapdocs. “We’re thrilled to be a partner in their digital mortgage journey and to showcase the critical role technology plays in streamlining home-buying today and in the future.”
Waterstone outlines the entire eClosing experience here.