SAN FRANCISCO, CA--(Marketwired - Feb 23, 2017) - Snapdocs, Inc., a modern technology platform that simplifies mortgage loan closings, today announced a major milestone: its Vendor Pay technology has issued more than $2 million in payouts to nearly 7,000 different notary vendors across the United States. Vendor Pay enables mortgage lenders and title companies to automatically compensate thousands of different notary vendors on a rolling basis through Automated Clearing House (ACH).
"Moving toward a paperless environment and automating manual processes are two key steps to modernization that save companies time, money, and manpower," commented Snapdocs CEO Aaron King. "Vendor Pay lifts a major burden off closing teams, eliminating the need to physically process checks and respond to ongoing inquiries regarding payment status from notaries, who increasingly are being tapped to execute mortgage closings remotely."
King added, "Direct deposit is expected in our modern world; Vendor Pay helps our customers meet this expectation of their third-party vendors while on autopilot."
For decades, mortgage companies' Accounts Payable (AP) departments have manually processed hundreds -- even thousands -- of notary invoices every month. Before Snapdocs rolled out Vendor Pay in July 2016, notary signing agents had to wait 30 to 90 days to get paid for handling mortgage closings. Snapdocs' Vendor Pay decreases the wait time for payment to under 30 days and eliminates lost checks.
"Adopting Vendor Pay was not only a big step toward bringing our closing operations fully in-house, but it has also helped us strengthen our relationships with notaries," commented Mike Harris, Owner of Satellite Signing Services. "Maintaining good rapport with notaries supports smoother closing operations and a better borrower experience, which is one of our top priorities."
Vendor Pay creates transparency into payment status for all parties. For mortgage signings completed, notaries and settlement services companies can log into Snapdocs to track payments with progress indicators ranging from when a signing is complete to when funds are available in the notary's bank account.
"Predictable, reliable payments through Snapdocs Vendor Pay make notary work competitive with other opportunities in the on-demand economy," said notary signing agent Aaron Rhine. "I never have to hassle with cashing or losing checks, and it makes it much simpler to do my accounting."
Snapdocs' technology platform modernizes mortgage signings, enabling secure document transfer, transparency regarding progress of every loan, and collaboration between all necessary parties throughout the closing process. It also allows settlement services companies to algorithmically source top-rated, well-qualified signing agents based on needs ranging from location to languages spoken. Snapdocs helps its customers rival the consumer experiences delivered by the most innovative companies from every industry, with on-demand information, positive face-to-face interactions, and a level of convenience only available with out-of-office mortgage closings.
To learn more about how Vendor Pay transforms the way mortgage lenders and title companies pay third-party vendors like notaries, go to 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.