Snapdocs, Inc. launched Closing Quality Control, a new solution it said utilizes patented technology alongside the company’s settlement network with the goal to eliminate errors from digital mortgage closings.
The company said the solution is powered by artificial intelligence and ensures a more efficient closing process for lenders and a “superior” experience for their borrowers.
“Errors in closing packages are incredibly frustrating for borrowers, and fixing them is among lenders’ biggest process inefficiencies,” Snapdocs CEO Aaron King said in a release. “Closing Quality Control will eliminate the frustration on both sides of this equation. As the neutral platform that connects all parties in the closing, Snapdocs is uniquely positioned to assure that every closing package is accurate and complete for every stakeholder involved.”
The company stated errors in closing documents are “surprisingly” common and are time consuming to fix. Moreover, Snapdocs’ lender customers have said up to 60 percent of closing packages contain errors, such as documents that are incomplete, unsigned, or contain incorrect information. Errors are usually corrected by lenders comparing documents manually and is a slow, back-and-forth process with the lenders’ settlement partner.
Situations like these also degrade a borrower’s experience, as errors frequently require them to re-sign and re-submit documents or even impact their ability to close on a purchase.
By implementing this solution, Snapdocs stated lenders can accelerate funding, improve the borrower and employee experience, and streamline the secondary marketing process. Borrowers are more likely to have a fast and convenient closing by avoiding missing closing dates and repeating steps in the process. Lenders can generate repeat and referral business and have a competitive edge over those who cannot offer error-free closings.
Even title and escrow agents benefit from Closing Quality Control, as they are informed about potential documentation issues sooner and can resolve them before they arise. Should issues be flagged after the signing, agents are still able to resolve them quickly, which can create loyalty with lenders and save time.