Snapdocs, the leading digital closing provider in the mortgage industry, has launched an innovative integration called Connected Closings that aims to revolutionize the mortgage closing process. By combining the Snapdocs Digital Closing and Notary Scheduling platforms, Connected Closings delivers transparency to all parties involved and significantly speeds up the closing process by at least 1.5 days.
With Connected Closings, Snapdocs customers can reduce closing times by over a day and a half, enabling settlement companies to return scanbacks two times faster by eliminating manual tasks. Additionally, borrowers now have the opportunity to electronically sign documents before the closing appointment over 90% of the time. Notable lenders and settlement customers who have already embraced Connected Closings include The Federal Savings Bank and BCHH, a prominent provider of real estate title and closing solutions nationwide.
According to Desiree Kirkland, the Senior Vice President of Closing Operations at The Federal Savings Bank, the implementation of Connected Closings has been of utmost importance in coordinating with settlement partners and delivering an exceptional borrower experience. This integration has not only saved time, money, and resources but has also improved overall efficiency.
Traditionally, lender and settlement workflows have been fragmented, leading to errors and wasted time. However, Aaron King, Snapdocs Chairman and Founder, believes that Connected Closings is a game-changing innovation that benefits both lenders and settlement companies. Lenders gain increased visibility and control over the signing process, while settlement companies can capitalize on revenue opportunities by providing a digital experience that lenders genuinely want to use. This leads to more efficient closings and improved business results for all parties involved.
Connected Closings simplifies and streamlines communication by offering seamless data exchange, automatic document sharing, and real-time updates on signing appointments, notary searches, and closing documents. By unifying the workflows of Snapdocs Digital Closing and Snapdocs Notary Scheduling, Connected Closings ensures that every signing and closing experience is flawless.
Melanie Miller, Senior Operations Manager of BCHH, highlights the advantages of digital collaboration with lenders in the current real estate climate. Through automated processes and synchronized signing updates, settlement companies can reduce errors and manual tasks, providing a notable competitive advantage.
One of the major obstacles to digital closing adoption for lenders is driving settlement companies to embrace new technology and workflows. Connected Closings provides an incentive for title companies to become more engaged in digital closings by enhancing transparency, improving communication, and streamlining coordination.
Desiree Kirkland further emphasizes the positive impact of Connected Closings on communication and real-time visibility with settlement partners and notaries. The implementation of this integration has been instrumental in coordinating with settlement partners, resulting in time, cost, and resource savings, while simultaneously ensuring an exceptional borrower experience.
In conclusion, the launch of Connected Closings by Snapdocs brings a much-needed transformation to the mortgage closing process by offering enhanced transparency, accelerated closing speed, and improved communication between lenders, settlement companies, and borrowers. This innovative integration has already been well-received by industry leaders and is set to reshape the future of mortgage closings.
