A new AI-powered solution, Closing Quality Control, was launched by Snapdocs, Inc., a leading digital closing provider for the mortgage industry. This new solution uses patented technology together with Snapdocs’ vast settlement network to help eliminate closing errors. The Closing Quality Control program also automates an array of slow, manual post-closing processes to help lenders operate more efficiently after every closing.
Snapdocs CEO Aaron King, said, “Errors in closing packages are incredibly frustrating for borrowers, and fixing them is among lenders’ biggest process inefficiencies. 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.”
Many closing documents contain errors, and fixing these errors can take a long time. It has been found that approximately 60% of Snapdocs’ lender clients report closing packages with errors, such as incomplete documents, unsigned documents, and inaccurate information. A lender must compare documents manually to find and correct errors that are found, a process that is generally slow and back-and-forth between the lender and settlement partner.
Additionally, these errors make borrowers’ experiences very difficult, as it requires them to sign new and resubmit documents many times. A borrower can be impacted by errors when closing a purchase.
The Snapdocs platform enables lenders to connect all parties and technologies involved in a mortgage closing so the entire transaction can be completed online. This solution consists of a networked platform that allows the many people involved in a mortgage closing to work together more efficiently and close more deals.
Snapdocs’ technology provides a seamless closing experience by managing each party’s workflow, activity scheduling, status updates, and notifications. Connecting and integrating with all major real estate technologies, the platform can work natively with lenders’ Point of Sale, title production, digital notary, and closing services, enabling them to all work together at scale at the same time.