Mortgage fintech Maxwell is partnering with Snapdocs to integrate the latter’s eClosing software into the former’s platform, which is said to serve more than 350 lenders.
The Snapdocs component can save lenders hundreds of dollars on their per-loan costs, which could be crucial considering that lenders have seen their per loan income decrease 56% year-over-year in 2022,
Snapdocs automates and streamlines closing document review and signature steps for borrowers, improving efficiency and allowing lenders to close more loans per month. The technology also ensures accuracy, Paasonen said, reducing quality control time by 85%, and saving lenders between $400 to $500 in costs per loan.
Snapdocs achieved unicorn status last spring and continues to permeate the industry as the appetite for eClosing persists since the onset of the coronavirus pandemic. In the past seven months, Snapdocs has teamed with other lenders and Freddie Mac on digital mortgage management and most recently, partnered with MISMO to form the eEligibility Exchange to provide comprehensive information regarding digital closing criteria.