Preferred Rate Eliminates Manual File Reviews with Snapdocs Funding Quality Control

About Preferred Rate

Preferred Rate, a division of American Pacific Mortgage Corporation, sets itself apart with a deep customer commitment. Since its core team came together in 2012, Preferred Rate has focused on offering borrowers a wide array of loan options and a transparent, efficient lending process driven by technology.

A solution to improve funding review efficiency and accuracy

Aiming to alleviate time-consuming funding reviews and prevent post-closing errors, Preferred Rate became an early adopter of Snapdocs Funding Quality Control (QC)—an AI-powered product that instantly and accurately performs quality control on critical-to-fund documents.

“We identified our funding review process as an area vulnerable to clerical error and lengthy back-and-forth. To improve borrower and settlement agent satisfaction, we needed a solution that would drive both speed and accuracy.”

Chris Lekousis
VP of Operations
Preferred Rate

Given their strong existing partnership with Snapdocs, Chris and his team felt confident expanding their use of the platform to optimize more of the closing process. “Snapdocs had already driven major improvements to our back-end operations and customer experience,” explained Chris. “Our trust in their product development and white-glove service made adding Funding QC an easy decision.”

Automating the manual task of stare-and-compare

Before Funding QC, document reviews were a tedious, stare-and-compare process prone to human error. Now, Snapdocs’ AI instantly completes the file review process and generates an error report in <2 minutes, allowing clean files to fund faster and reducing manual review effort. The impact:

10+ minute reduction in review time per package
99%+ reduction in pages reviewed
60% of Preferred Rate’s closings require no manual QC on critical-to-fund documents
>99.5% accuracy detecting missing pages and signing fields

“Funding QC is a game-changer,” said Chris. “We no longer have to comb through every document manually, and focus only on the minor exceptions. The system instantly alerts both us and the settlement agent if an error pops up. Then it’s resolved within a minute.”

A better experience for borrowers and settlement partners

The impact of Funding QC extends beyond Preferred Rate’s internal operations—it enhances the experience for both borrowers and settlement partners. With Snapdocs eClosing and Funding QC working together, Preferred Rate is able to deliver a simple, fast closing from start to finish.

Borrowers now enjoy a fully digital closing journey with a seamless process through funding. With Snapdocs eClosing, they can electronically preview and sign documents in advance of the closing appointment, while Snapdocs Funding QC eliminates delays and errors. As a result, Preferred Rate is able to deliver the straightforward transaction today’s homebuyers demand.

“We chose Snapdocs for eClosing and Funding QC because we knew the technology would improve the borrower experience,” Chris said. “Borrowers expect a seamless digital process. If we want to stay relevant, we need to meet those expectations.”

Settlement agents benefit as well as Funding QC allows for faster funding and recording of the loan. “Settlement agents are on a tight schedule,” explained Chris. “Funding QC alleviates the bottleneck of waiting for someone to review documents, freeing our settlement partners to move on to the next appointment more quickly.”

More efficiency, less headache

With Funding QC, Preferred Rate’s team has more time to focus on what matters—growing the business and supporting borrowers. By automating routine tasks, they’ve remained lean and flexible, adjusting to the changing demands of the mortgage market without the usual growing pains. They can handle increases in volume without overhiring or stretching resources thin.

“Funding QC allows us to do more with less,” Chris added. “We can scale our operations without having to adjust headcount. Our existing staff is handling more closings, more efficiently. That’s a huge win.”

Looking ahead, Preferred Rate plans to continue leveraging Snapdocs technology to drive a top experience for borrowers, settlement agents, and internal teams. Recently, Chris and his team has seen an uptick in referrals at some of Preferred Rate’s largest branches as a result of positive settlement agent feedback—a testament to the business growth that can result from a seamless closing experience.

“Customer satisfaction comes down to how quickly and smoothly closings go,” said Chris. “That’s the memory borrowers and partners take with them, which leads to referrals. With Snapdocs, we fund loans without surprises, building trust with everyone involved.”