SOURCE: Snapdocs, Inc.

Snapdocs, Inc.

October 01, 2015 09:00 ET

Snapdocs Accelerates Transformation of Mortgage Borrower Experience as Know Before You Owe Effective Date Nears

SAN FRANCISCO, CA--(Marketwired - Oct 1, 2015) - The Consumer Financial Protection Bureau's (CFPB) 'Know Before You Owe' regulations go into effect on October 3, 2015, but for the hundreds of thousands of loans signed remotely -- often executed by mobile notaries or signing agents -- CFPB compliance is increasingly difficult. Snapdocs, Inc., a revolutionary platform that refines the human element of mortgage loan closings while automating the process, today emphasized the importance of transforming the borrower experience in conjunction with following new federal rules. Snapdocs' technology platform helps to achieve the CFPB's goals of making the mortgage process easier to undergo and easier to understand for borrowers, while making compliance easier for the mortgage industry.

"Compliance is a byproduct of providing an excellent, safe consumer experience for mortgage borrowers," observed Aaron King, founder and CEO of Snapdocs. "Security and compliance are built in to our modern, intuitive platform."

King added, "Major industries like travel and hospitality have been reinvented with well-designed, consumer-friendly tools. Snapdocs is bringing the same consumer-first focus to the mobile closing experience, which has long been ignored by tech innovators."

Snapdocs created a web-based platform that connects the many moving parts of mortgage loan closings that take place away from a local mortgage office, often scheduled centrally and carried out by a mobile notary or signing agent. Closers plug into their existing scheduling process Snapdocs' real-time marketplace of notary vendors, which pushes the best performing and most qualified notaries to the top. In line with the CFPB's vision, Snapdocs software can ensure vetted and experienced notaries represent lenders well at the closing table.

"It's important to not overlook the human element in aiding consumer experience and borrower understanding," commented Robert Rossmeisl, Closing Coordinator of Triton National Title Agency. "Snapdocs is the only company that makes it possible to standardize and guarantee the level of service that's provided at the out-of-office closing table."

On the consumer front, borrowers are automatically sent all details around the closing, including time, location and a profile of their assigned notary. They also have access to a secure online dashboard to access documents in advance of the closing. Once the closing is complete, they are automatically prompted to provide feedback via e-mail on their closing experience, which is an area of focus for the CFPB. 

Transferring sensitive loan documents online for mobile closings carries serious security risks. Snapdocs makes it easy to follow best practices and keep consumers in the loop with electronic, drag-and-drop document delivery -- all while an audit trail of every interaction with the closing is generated. The clean, user-friendly interface enables safe, encrypted document transfer and retention for the mortgage community.

To learn more about how Snapdocs is bringing mobile mortgage loan closings up to date, visit www.snapdocs.com.

About Snapdocs, Inc.

Founded in 2012, Snapdocs is a technology platform that refines the human element of mortgage loan closings while automating the process. The company is modernizing mobile loan closings by distinguishing notaries according to performance and creating a more seamless workflow for lenders, title and escrow, and document signing services. 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.

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