SOURCE: Snapdocs, Inc.

Snapdocs, Inc.

August 03, 2016 09:00 ET

Snapdocs Introduces New Enterprise Platform Offering Unprecedented Layer of Compliance, Vendor Oversight and Productivity Across Entire Mortgage Closing Operation

New Features Developed to Meet Settlement Service Companies' Complex Needs for Dynamic Notary Signing Agent Selection and Delivery of a Positive Consumer Experience

SAN FRANCISCO, CA--(Marketwired - Aug 3, 2016) - Snapdocs, Inc., a modern technology platform that simplifies mortgage loan closings, today 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 customers upgrading to Enterprise have access to:

  • Snapdocs Verified: Rigorous, multi-step verification of every credential uploaded by notary signing agents to their profiles.
  • Automation Suite: Tool that automatically triggers tasks like finding a notary, sending confirmations and sending loan documents to necessary parties.
  • Vendor Pay: Technology enabling payments to thousands of different notary vendors to be automatically issued through Automated Clearing House (ACH), an electronic network for financial transactions in the U.S., on a rolling basis.

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. For decades, mortgage companies' Accounts Payable (AP) departments have manually processed hundreds -- even thousands -- of notary invoices every month, wasting manpower, money and time. Until now, notaries have had to wait 30 to 90 days to get paid for handling mortgage closings. Snapdocs is chopping down the wait time for payment to two weeks and eliminating lost checks, making notary work competitive with other gigs in the on-demand economy.

Snapdocs Enterprise is available as a premium upgrade for any new or existing Snapdocs customer. To find out more about Snapdocs Enterprise, visit https://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 https://www.snapdocs.com.

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