eMortgage Quick Start Program, featuring Freddie Mac
To help lenders overcome the obstacles to adopting eMortgage technology, Snapdocs is now offering the eMortgage Quick Start Program, featuring Freddie Mac as the first investor participating in the program. Together with Freddie Mac, and other participants, we’re solving the common challenges lenders experience in adopting eClosings by offering both the tools and support needed to effectively implement the use of eMortgage technology. Whether lenders aren’t yet approved for delivering eMortgages to Freddie Mac or haven’t yet achieved their potential volume of eMortgage deliveries, this program can help. It’s also a great avenue for lenders who haven’t yet evaluated eMortgages to get started.
The Common Challenges of Implementing eMortgage
Digital closings and the technology to support them have been around for decades. Countless studies have shown that digital closings reduce costs, eliminate errors in closing documents, expedite loan delivery, and improve the borrower experience. Yet, lenders still face challenges as they digitize their closing process. This is particularly true for lenders striving to adopt eMortgages (digital closings that include eNotes).
Consequently, borrowers continue to endure inconveniences, such as a hurried wet-sign closing away from home and redraws stemming from errors. And lenders, as well as their investor counterparts, incur the costs of unnecessarily slow, error-prone, and labor-intensive paper processes.
An array of obstacles are standing in the way of lenders seeking to adopt eMortgages:
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eMortgages are not accepted across all of a lender’s counterparties.
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Lenders need eMortgage technology components that are not native to core mortgage platforms.
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Lenders must undergo a significant business process reengineering effort to effectively implement eMortgages.
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Lenders need to coordinate distinct eMortgage implementation processes with each of their impacted counterparties and technology providers.
The eMortgage Quick Start Program
The Snapdocs eMortgage Quickstart Program was designed to solve common challenges lenders experience in adopting eClosings. It offers tools and support needed to effectively implement the use of eMortgage technology, including:
- 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.
Enroll in the Quick Start Program Now
Lenders that deliver loans to Freddie Mac can be among the first participants to benefit from the program. Snapdocs and Freddie Mac have begun identifying initial lenders and additional partners to participate in the program, including servicers, subservicers, and warehouse lenders that support the use of eMortgages. For more information, or to inquire about participation in the program, please visit eMortage Quick Start Program.
