Snapdocs announces Primary Residential Mortgage (PRMI) implemented its new Snapdocs eVault and digital closing platform to scale electronic eNote adoption.
Snapdocs’ development of the eVault and efforts to bring the technology to market included collaboration with PRMI. Several other mortgage lenders also have implemented Snapdocs eVault, delivering benefits that eNotes offer to their organizations and consumers they serve, according to company leaders.
“eNotes are a win-win for PRMI and our valued borrowers,” said Alyssa North, senior vice president of operations at PRMI, in a release. “We’re dedicated to advancing the adoption of digital closings and making eNote the default whenever possible. Snapdocs is our trusted partner in scaling eNotes and furthering our digital closing strategy. The unique combination of best-in-class technology and deep industry knowledge Snapdocs provides is why we chose to partner with Snapdocs on this eVault initiative.”
PRMI said it was determined to find a partner with the right technical capabilities and industry expertise to transform its digital closing processes. The national mortgage lender selected Snapdocs earlier this year and rolled out digital closings with eNotes using the Snapdocs eVault across 250 branches in 49 states in just four months. So far, PRMI has seen a four-day reduction in dwell time for mortgages closed as eNotes, leading to a savings of more than $250 per loan.
The partnership began with several early discovery sessions breaking down PRMI’s existing operations, teams and technologies. A loan portfolio assessment designed to inform PRMI’s digital closing rollout strategy and projected return on investment was a vital piece of these early talks, North said.
“We’ve combined best-in-class technology with unmatched support to ensure customers experience successful implementations and widespread adoption,” Snapdocs CEO Aaron King said, of. “This offering is another step in building the infrastructure to make digital mortgage transactions faster, more reliable, and more accessible for all mortgage participants.”
eNote adoption has accelerated as organizations continue to see increased operational efficiencies and cost savings. However, the technological and business process changes required have challenged some lenders in scaling eNote adoption.
With the addition of an eVault to its suite of digital mortgage products, Snapdocs provides a single platform to securely generate, execute, store and transfer copies of eNotes and other electronic mortgage documents. Snapdocs automatically stores the eNote in the secure eVault, registers the eNote with the MERS eRegistry and allows instant delivery to all secondary market participants.
Other features of the Snapdocs eVault include audit logs, error messages and resolution recommendations, planned maintenance notices and integration with the MERS eRegistry. The eVault also has completed certification with Freddie Mac and Fannie Mae.