How Evergreen Home Loans Created a Beautiful and Consistent Digital Closing Experience for Borrowers
Evergreen Home Loans saw consumers’ increasing expectations for digital mortgages in 2018, and they recognized this was an opportunity to lead the pack and differentiate their customer experience. “Customers were coming to expect the convenience of eSigning, since they were already using the technology in other financial transactions. In addition, they were already eSigning our initial disclosures,” said Tamra Rieger, COO at Evergreen Home Loans.
By implementing Snapdocs Digital Closing Platform, Evergreen Home Loans’ borrowers can now review their documents, eSign the majority of their documents, and ask questions before the closing appointment. Instead of seeing the loan documents for the first time at the closing table, borrowers arrive at the closing appointment comfortable with and confident in the documents they’re signing. When most closing appointments last an hour or more, Evergreen Home Loans’ borrowers enjoy an efficient 10-minute closing.
Aside from creating a quick and easy closing for borrowers, Evergreen Home Loans also used Snapdocs to standardize how all their loans are closed with settlement agents. Whether the closing is a wet closing, hybrid closing, or eClosing, Evergreen Home Loans has a single process for sending documents to settlement and receiving the completed package.
By streamlining and standardizing their closing process, Evergreen Home Loans offers a consistent closing to borrowers and is able to close more loans. In fact, Evergreen Home Loans is closing the most loans ever with the same amount of staff. In April 2020, they closed a record high of more than $400 million in loans.
With less paper involved in the closing and automated workflows, Evergreen Home Loans has also reduced manual tasks. As a result, they’ve been able to move employees to critical roles that drive revenue. Rieger said:
We did see a direct impact where I didn’t have to have staff sitting at a copier or scanner, converting a paper closing package back into digital. So, you can have your staff doing more high value jobs.
Evergreen Home Loans used to have four funding assistants who would scan the completed loan package and recycle all the documents, except for the paper note. This amounted to about $170,000 in annual staffing costs. After implementing digital closings, they’ve repurposed those assistants, bringing them up in the organization and turning them into funders.
To learn more about the results that Evergreen Home Loans has gotten from digital closings and to see how they successfully rolled out digital closings to the thousands of settlement agents who they work with, read their case study.
If you’re ready to offer borrowers a modern digital closing while also closing more loans, contact us to learn how Snapdocs Digital Closing Platform can help you.