SAN FRANCISCO – May 15, 2024 – Snapdocs, the mortgage industry’s leading digital closing provider, today announced a partnership with SitusAMC to integrate the Snapdocs eVault to SitusAMC’s ProMerit platform. The partnership allows warehouse lenders to manage eNote transactions seamlessly and securely from within their warehouse lending system of record, enabling them to scale eNote adoption with confidence and ease.
"Today, eNote adoption by mortgage originators is just under 10%, and projections indicate it will reach nearly 30% of all new loan originations within a few years. To support this growth, warehouse lenders need to manage eNotes at scale,” said Camelia Martin, Vice President of eMortgage Strategy at Snapdocs.
“Most large warehouse lenders are not realizing the efficiency benefits of eNotes, and our partnership with SitusAMC equips them to manage eNotes from within their existing systems and capture these benefits. This will enable warehouse lenders to better serve the needs of their customers.”
The integration between SitusAMC and Snapdocs securely allows eNote transactions to pass to and from ProMerit and the Snapdocs eVault. As a result, warehouse lenders centralize their eNote management process within ProMerit and eliminate the need for manual workarounds. Warehouse banks can now accept eNote transfers, initiate outgoing eNote transfers, reconcile eNote data, and view eNote statuses—processes that typically require manual action within an eVault—all within ProMerit.
“Today’s market requires integrated technology solutions,” said Rich Berg, Senior Director of Warehouse and Custodial Technology at SitusAMC. “This pioneering partnership with Snapdocs gives warehouse banks a competitive advantage, empowering them with an innovative and trusted solution to scale eNotes quickly and efficiently so they can better serve the needs of their customers.”
The Snapdocs eVault provides a secure and compliant solution for lenders and their secondary market partners to transact eNotes effortlessly. Specifically developed for mortgage—in collaboration with lenders, warehouse banks, servicers, and investors–-the Snapdocs eVault is designed to meet the unique needs of each participant who interacts with eNotes across the mortgage lifecycle.
The Snapdocs eVault is now available to ProMerit clients. For more information, visit SitusAMC.com/ProMerit or contact Rich Berg at richardberg@situsamc.com.
SitusAMC is a leading independent provider of technology, strategic outsourcing, talent and advisory solutions to the commercial and residential real estate finance industries. The company helps clients identify and capture opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity. For more information visit SitusAMC.com.
Snapdocs is the mortgage industry’s leading digital closing provider. Powering millions of closings each year, Snapdocs combines an open platform, patented AI technology, the largest settlement network, and a team of industry experts to ensure digital closing success. Our proven approach enables market-leading lenders and title companies to automate the closing process and turn it into a competitive advantage. Using Snapdocs, lenders and title companies close more loans at lower costs while delivering the modern, referral-worthy digital experience borrowers expect. For more information, please visit Snapdocs.com.
Sam Garcia, Publicist
Strategic Vantage Marketing and Public Relations
214.762.4457 | samgarcia@strategicvantage.com
Laura Mighdoll, Business Contact
Snapdocs
press@snapdocs.com
Drew Norman, Business Contact
SitusAMC
andrewnorman@situsamc.com