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The mortgage closing experience has been made easier
78.9%
15.8%
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5.3%
All 3 phases of eClsoings in one solution. 1. Hybrid docs 2. eNote/eVault 3. RON
Literally nothing. I'd like to see more integration in the POS's across the industry, but this is an inevitable path.
It is important to consider 3 things when considering a tech partner: 1) amount of funding and the ability to get more funding, 2) location for ease of recruiting for talent (especially development) as they grow, 3) collaboration with other tech leaders so that integrations are easier or done.
Competitive adavantage of an eClosing solution is now critical as the consumer market is requesting it. Internally, it provides a single conversation between our company, the settlement company, and the client as well as a secure portal for the documentation. This is a no-brainer and EASY solution to buy into.
From day 1 the SnapDocs team has been great to partner with to bring a fully digital experience to our mortgage company. Their level of service has been tremendous. They have allowed us to partner with them at our pace and be involved in some beta testing of new features as they were developed. We have been customers since early 2019.
There are no major concerns or issues since we have been using them. Any hiccups were promptly addressed and their ongoing suppor thas bee first class.
The biggest advantages realized by SnapDocs service is improved accuracy and time savings. Signatures errors were virtually eliminated. Significant time has been saved in the review of closing packages and allows our funder to be more efficient. The ability for borrowers to preview their package has been well received and improved borrower satisfaction.
The process is really quite simple. Once you learn how their process works you are encouraged by how simple it is. Simple is good when working with thousands of borrowers and closing agents.
The Snapdocs platform is well thought out and simple to use. That said, lenders across the country don't all do business the same way. Future revisions of the Snapdocs platform will make it easier for lenders that operate differently to use the service. Configuration for lenders who don't close all their loans at title or escrow office need to build some workarounds.
We chose Snapdocs because of the lender feedback we received from several references and they are fully integrated with EllieMae's Encompass.
Snapdocs has improved efficiencies for our operations staff and branch staff where most of our loans are closed. Also, the closing appointments take much less time since borrowers can preview their loan documents prior to attending the closing appointment. This reduces time per closing allowing us to book more closings per branch per day.
As a business systems analyst and project manager, it was nice that Snapdocs made the implementation so easy with constant contact, providing training material and managing the implementation tasks. They respond quickly to emails and always follow up with an answer or a solution. They have been a great business partner for solving our eClosing needs
There is nothing I dislike about Snapdocs however if I had it to do over again I would really focus on internal process adoption and buy-in from the users. This will really help with setting expectations with the borrower and speed up the conversion from majority of wet sign closings to hybrid and eventually RON closings.
Better borrower experience, competitive edge by offering the latest technology with digital closings and selling loans more quickly to investors.
Snapdocs offers technology that is best in class and allows our borrowers and settlement partners to utilize an easy to use experience. The team has also made us feel that our input and suggestions are valuable, and always keep us in mind to discuss any needs or upcoming changes.
I wouldn't say there are any specific downsides to working with Snapdocs, just be prepared to try and bring everyone up to speed on learning the new technology.
The COVID-19 Pandemic has seen a shift in on people handle the closings of their loans. Snapdocs has allowed us to make this a digital process, even allowing us to offer in certain markets the ability for a full eClosing with a Remote Online Notary.
The system integrates well with Encompass and doesn't require a separate login for the borrower. It keeps everyone informed in real time about the closing and status. Our borrowers love the ability to preview the closing documents and ask questions prior to closing, instead of being put on the spot when they go to sign. This platform has helped us move our hybrid eClosing initiative forward and improve our borrower experience.
Some of the features could be built out a little more to give the lender the ability to complete certain tasks for a settlement agent, create a more comprehensive user hierarchy, and give more flexibility for document return. I do appreciate that the reps are enthusiastic to hear new ideas and will actually give the feedback to their product development team, including responses back to the lender.
We are solving several problems with this technology. First, our borrowers are able to easily preview our closing documents almost immediately after we send them to settlement, giving them the ability to more comfortably ask questions and not be put on the spot at closing. Second, our settlement partners have a much more convenient and secure way to return the closing docs back to us electronically, rather than by emailing. Third, we are able to move our hybrid eSigning initiative forward using the straightforward, intuitive platform.
I like the fact that they can do the payment of the notaries
I dislike the fact that they pull the money out before I have been paid
Payment of notaries
The ease of use from start to completion. It's very easy to use, set up, and get updated on items. The cost associated with the product is also great. It makes it easy to justify the cost for the added speed of completion that you get.
The only piece I don't like is that our current loan provider does not integrate with snap docs. We could work on having it integrated but our provider would charge us development cost. SnapDocs is easy enough to use without the integration.
We're using snap docs to have a mobile notary available for our equity loan processing. This makes it easy to get the documents sent to our members and to get them back completed accurately.
Great integration with our LOS. makes closings a breeze
Nothing really. System is still evolving making things quicker
Makes coordinating closings faster than before
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The snapdocs team has been a valued partner throughout our years of using their service. They have always been responsive to any issues and have provided us with valued data that can be utilized for any potential process improvement.
There has not been a time where I have been dissatisfied with Snapdocs. The only issue I could have is internal. We are pushing an industry that has been paper heavy to a more digital space so having buyin from everyone involved is helpful.
We have utilized the traditional route of having borrowers come sign every document but that has changed with their hybrid soultion. Borrowers can now presign documents and view them prior to going to the closing table which cuts their time down significiantly. The ultimate goal is to have an option that is fully digital and borrower does not have to come in person.