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Loan closing automation takes a giant leap

Snapdocs, Inc., a platform that simplifies mortgage loan closings, announced the rollout of Snapdocs Enterprise.

The new suite of tools further reduces redundant back-office administrative tasks related to the mortgage process, particularly out-of-office mortgage loan closings, which are on the rise.

Snapdocs Enterprise was developed to meet the demands of dozens of large-scale national title and settlement companies joining Snapdocs this year, to provide a unifying layer of control and compliance during critical steps of the closing process.

“Lenders have come to expect a level of service and compliance that companies can’t deliver without the right technology,” commented Snapdocs CEO Aaron King.

“Facilitating more than 40,000 mortgage closings every month makes Snapdocs uniquely positioned to put interesting workflow data into the hands of a talented engineering team tasked with building a new standard in modern closing technology.”

Snapdocs’ signing agent verification feature gives mortgage lenders and title companies confidence in the third-party vendors with whom they choose to work.

An emblem will appear next to a notary’s name in the Snapdocs database if he or she provides his or her 1) identity verification via a driver’s license, 2) notary commission, 3) background check report, and 4) Errors & Omissions (E&O) insurance policy.

“Connecting our borrowers with high-quality signing professionals is a commitment of Equity National Title, although it’s not an easy task without the right technology,” explained Kim Dusseault, Chief Operating Officer of Equity National Title.

“Snapdocs’ enterprise technology platform is the central point of truth for us, as we push to meet SLAs and drive a premium borrower experience without tapping additional resources.”

Snapdocs Enterprise also paves the way for companies wanting oversight of closing operations across multiple offices.

By driving identical workflows across a shared database of notaries, enterprise companies closing a high volume of loans have a centralized system for pulling audit reports and driving compliance.

Vendor Pay, an optional add-on, transforms how mortgage lenders and title companies pay third-party vendors like notaries, who increasingly are overseeing mortgage loan closings.

Until now, notaries have had to wait 30 to 90 days to get paid.

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