SAN FRANCISCO, CA - (NewMediaWire) - November 18, 2015 - Snapdocs, Inc., a modern technology platform that simplifies mortgage loan closings, today announced significant growth in loans closed using its suite of online tools. The company reports that its mortgage loan volume more than tripled in the past 12 months -- an increase of 214% year-over-year -- and settlement companies have used the Snapdocs technology platform to close loans in all 50 states, from rural communities to every top 25 metropolitan area. The ever-increasing adoption of Snapdocs by top-tier mortgage settlement service companies highlights a major shift towards prioritizing consumer experience and a need for smartly-designed tools to manage the mobile closing process.
"All Star Title is committed to staying ahead of the curve with technology trends, especially on the consumer experience front," said Jason Horwitz, President at All Star Title, which uses Snapdocs to source quality notaries for their closings. "We take representing our lenders very seriously, especially in the wake of new federal regulations. By utilizing Snapdocs, we are signaling to our lender partners that we are doing everything possible to make sure our shared customer, the borrower, has a pleasant, easy closing."
A contributing factor to the growth, anticipation of the October 3rd TILA/RESPA Integrated Disclosure (TRID) deadline spurred interest in turn-key solutions to improve consumer experience and ensure adherence with new Consumer Financial Protection Bureau (CFPB) rules.
Kelly Resseger, Vice President at LandSel Title Agency, added, "We continually seek out ways to make our scheduling team more effective, and Snapdocs has driven considerable gains. We were impressed by how easy it was to plug into our existing process, and the results speak for themselves."
On top of the consumer-facing and compliance benefits, Snapdocs users are seeing considerable back-office returns. Title, escrow and settlement service companies who have plugged Snapdocs into their closing operations have reported 30% cost savings and a 500% increase in operational efficiency.
"Since adopting Snapdocs, the time it takes us to source and schedule a notary has been cut in half," said Robert Rossmeisl, Closing Coordinator of Triton National Title Agency. "It has been nice to increase speed and efficiency without sacrificing the quality of the notary, both for our lenders' and the consumer's sake."
The lifeblood of the platform is the many performance metrics collected during each Snapdocs signing, which includes data points around response time, success rates, fees and consumer satisfaction. Over the past 12 months, Snapdocs notaries were reviewed over 45,000 times by the consumers and settlement companies they interacted with during a mobile closing.
"Our lenders trust us to put the best signing agents in front of their consumers, so having access to a rich database of notaries is imperative," said David Dannheim, President and CEO of CoreCompanies. "Snapdocs gives our lender clients peace of mind that we are taking advantage of every available technology to ensure a quality consumer experience."
Snapdocs recently expanded its offering to include a Broker Portal, which connects the many parts and parties involved with mobile closings. Mobile mortgage loan closings, for which a notary signing agent travels to the consumer, are multiplying. Currently, Snapdocs is facilitating more than 20,000 out-of-office closings every month.
"The past 12 months are indicative of the mortgage industry recognizing that modern technology can solve new and longstanding challenges to provide an exceptional consumer experience, ensure compliance and streamline operations," said Aaron King, CEO of Snapdocs. "Visionary technology companies find success thanks to forward-thinking companies that are open to transformation. Snapdocs is fortunate to have an insightful client base that has been collaborative with product ideas and direction."
To find out more about how Snapdocs enhances the consumer experience, eases compliance, and improves operations for mobile mortgage loan closings, go to www.snapdocs.com.
About Snapdocs, Inc.
Founded in 2012, Snapdocs provides a modern technology platform to replace outdated and wasteful workflows that are prevalent during the loan closing process. The company ranks and sorts mobile notary signing agents according to performance metrics and creates a more seamless workflow for lenders, title and escrow, document signing services, and real estate professionals. Snapdocs is an alum of Y Combinator, the prestigious Silicon Valley accelerator known for helping to launch trailblazing technology startups. To learn more, go to www.snapdocs.com.