This post is written by Aaron King, CEO of Snapdocs
I cut my teeth in the mortgage industry nearly 20 years ago. I’ve worked alongside you as a notary, ran a national signing service, and now serve as the CEO of Snapdocs, which facilitates thousands of mortgage closings a day.
While the lending and regulatory landscape has changed dramatically over the years, mortgage loan closings have been stuck in time. It’s a complicated process with many moving parts, making digital adoption a steep challenge. I founded Snapdocs to solve this problem. Today I’m excited to announce two major developments that will drastically accelerate digital closing adoption.
1. Hybrid closing workflows are live
After over a year of development and testing, we’re excited to officially release our new hybrid closing capabilities. Demand for hybrid closing solutions (a combination of an eSigning and wet signing) has grown as fully digital closing adoption continues to stall.
We saw this as a natural product opportunity because most major national settlement companies are already augmenting their national closing operations with Snapdocs. Now any settlement company already utilizing Snapdocs has the ability to incorporate hybrid signing logic to their closing workflow without any major process changes.
We think it’s critical that settlement companies have a single platform for every type of closing (traditional, hybrid, fully digital). Switching between workflows and solutions opens up risk and costly inefficiencies. We’ve built Snapdocs to serve as that all-in-one solution.
2. A network of digital-ready national settlement companies is available to lenders
For several years, we’ve been helping settlement companies enable automation and smart data into their mobile closing process. Today, over half of the top 20 major national settlement brands augment their signing operation with Snapdocs. This removes a major barrier for lenders motivated to roll out a digital closing experience.
For the first time, there’s significant adoption of a unified digital closing platform by national settlement companies. Until now, the prospect of onboarding dozens of settlement companies onto a new platform has stalled progress. Today a lender can simply outline a hybrid closing policy, and immediately have a digital closing experience scaled across their settlement vendors.
Why it’s important to solve for scale, not novelty
While we all know that a fully digital closing is the end goal, it’s a long complicated path and change won’t happen overnight. Instead, we’ve opted to bring technology to market that will immediately improve the closing experience.
For example, our platform enables consumers to digitally preview their full closing package before a signing. This may seem like a minor feature, but it yields impactful results. Our research shows that closings without a digitally engaged consumer are 5x more likely to fail, requiring expensive post-closing rework.
Committing to making traditional ‘wet signings’ a more digital experience builds a strong foundation. Having this digital foundation out of the gates enables the layering of any future innovations that gain traction (full eClosings, webcam notary, etc.). Otherwise, holding out for the fully digital closing comes at the cost of some easily attainable efficiency gains.
Crafting a perfect, digital closing experience can’t be done in silos. We’re working with lenders to outline a personalized digital closing action plan, and connect them with forward-thinking settlement companies ready to deliver digital closings at scale. Contact firstname.lastname@example.org to set up a free digital consultation.