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Snapdocs Inc., which provides a digital closing platform for the mortgage industry, recently launched Closing Quality Control, a new solution using patented technology alongside its settlement network to eliminate errors in mortgage closings.
Closing Quality Control also automates several manual, post-closing processes to ensure lenders can operate as efficiently as possible after each closing is complete.
Input from lenders suggests that up to 60 percent of closing packages contain errors, including documents that are incomplete, unsigned, or contain incorrect information, the company said. When errors are found, lenders must then compare documents manually to correct them, in what is typically a slow, back-and-forth process with the settlement partner.
Errors also significantly affect a borrower’s ability to close on a purchase, often requiring them to re-sign and re-submit documents.
“Errors in closing packages are incredibly frustrating for borrowers, and fixing them is among lenders’ biggest process inefficiencies,” said 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 enjoy a fast and convenient closing and avoid missing closing dates or repeating steps in the closing process.
- Lenders generate repeat and referral business. Fast and error-free closings make it easy for borrowers and their realtors to refer new business to the lender.
- Funding, post-closing, and secondary marketing processes become 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.
- Loans can be serviced significantly faster, freeing staff to focus on revenue generating opportunities.
- Title and escrow agents are informed of potential documentation issues sooner. Even before the signing appointment, agents can resolve potential issues before they arise.
Founded in 2013, Snapdocs is a San Francisco-based real estate technology company that is utilized by 130,000 mortgage professionals to automate manual work and digitize paper processes.