Snapdocs Launches Solution to Eliminate Errors at Closing
October 5, 2021
Snapdocs Inc. launched a new solution that uses patented technology to help eliminate errors in mortgage closings.
Called Closing Quality Control, the solution automates several slow, manual post-closing processes to ensure lenders can operate as efficiently as possible after each closing is complete.
Errors in closing documents are surprisingly common, and these errors are incredibly time consuming to fix. Input from Snapdocs’ lender customers suggests that up to 60 percent of closing packages contain errors, including documents that are incomplete, unsigned or contain incorrect information. When errors are found, lenders must then compare documents manually to find and correct them.
These errors also significantly degrade a borrower’s experience, frequently requiring them to re-sign and re-submit documents. Errors can ultimately impact the borrower’s ability to close on a purchase.
“Errors in closing packages are incredibly frustrating for borrowers, and fixing them is among lenders’ biggest process inefficiencies,” said Snapdocs CEO Aaron King. “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.”
According to King, the solution informs title and escrow agents about potential documentation issues sooner. Even before the signing appointment, agents can resolve potential issues before they arise. They will be able to quickly resolve any issues flagged after the signing, creating loyalty with lenders and saving time remediating issues, King added.
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