Snapdocs Announces New Program to Help Lenders More Easily Adopt eMortgages
Snapdocs eMortgage Quickstart Program, supported by Freddie Mac, provides technology, implementation framework and support to help lenders scale
SAN FRANCISCO — Oct. 5, 2021 — Snapdocs, Inc., the leading digital closing platform for the mortgage industry, today announced the Snapdocs eMortgage Quickstart Program. The new program will empower lenders to more readily adopt eMortgages, or mortgages with electronic promissory notes (eNotes), by providing them with turnkey technology combined with expert eMortgage implementation and change management support. As part of its continued efforts to promote eMortgage adoption, Freddie Mac will work with Snapdocs to help lenders with their digital implementation and delivery efforts.
Digital closings have been a focal point for the industry for well over a decade, and the use of eMortgages is known to reduce errors and costs associated with loan closings while also increasing lenders’ operational efficiency. Lenders have struggled with eMortgage adoption due to the unique technical components required to store and manage eNotes, the variability in counterparties’ digital closing acceptance policies and the complexity of implementing and managing the process changes eMortgages require. The program was specifically designed to solve these challenges by providing lenders with the tools and support needed to effectively implement the use of eMortgages.
Snapdocs eMortgage Quickstart Program provides the following products and services:
- Technology necessary to generate, store, manage, and transfer eMortgages that is agnostic to lenders’ existing point-of-sale systems (POS), loan origination systems (LOS), or doc prep providers;
- A robust eMortgage implementation framework combined with expert professional services to enable lenders to not only implement but operationalize and scale their use of eMortgages;
- Streamlined implementation processes between counterparties to reduce complexity and facilitate eMortgage approval and onboarding processes
- An e-Eligibility engine to help lenders determine precisely how digital each closing can be;
- A forum to discuss the latest eMortgage developments and share best practices with other program participants.
“Freddie Mac is a leader in eMortgage,” said Snapdocs’ head of industry and regulatory affairs, Camelia Martin. “They’ve paved the way for industry adoption through forward-thinking digital closing acceptance policies and support for lenders. We look forward to building upon Freddie Mac’s investments in eMortgage adoption by expanding access to the technology and resources lenders need to successfully digitize their closings.”
“In today’s competitive landscape, our lender clients are focused on innovative and efficient technologies that can extend value and reduce time and costs while improving customer experience,” said Sam Oliver, vice president, product delivery for Freddie Mac Single-Family.
“We are excited about our partnership with Snapdocs and we look forward to working with them and our clients to continue the industry’s journey towards a true digital mortgage.”
Snapdocs has begun identifying initial lenders and additional partners to participate in the program, including servicers, subservicers, and warehouse lenders that support the use of eMortgages. To inquire about participation in the program, contact a Snapdocs eClosing expert.
Founded in 2013, Snapdocs is the mortgage industry’s leading digital closing platform. With its patented AI technology and connected platform, Snapdocs is on a mission to perfect mortgage closings for all. Powering millions of closings a year, Snapdocs is leading the charge to modernize, streamline, and improve the mortgage process for lenders, borrowers, and settlement. Snapdocs is the only solution with a proven track record of creating a single, scalable process for every closing. Every day, over 130,000 mortgage professionals rely on Snapdocs to automate manual work and digitize paper processes that plague the industry. Snapdocs is a rapidly growing San Francisco based real estate technology company backed by leading investors including Sequoia, Y Combinator, Tiger Global, F-Prime, Zigg Capital, Alkeon, Wellington Management, Greenpoint Partners, Maverick, Founders Fund, SV Angel, Gokul Rajaram, Lachy Groom, Jack and Sam Altman and Coyne Lloyd. To learn more, please visit snapdocs.com.