Digital closing provider Snapdocs announced a partnership with SitusAMC to integrate the Snapdocs eVault to SitusAMC’s ProMerit platform.
The partnership allows warehouse lenders to manage eNote transactions seamlessly and securely from within their warehouse lending system of record, enabling them to scale eNote adoption.
“Today, eNote adoption by mortgage originators is just under 10 percent, and projections indicate it will reach nearly 30 percent of all new loan originations within a few years. To support this growth, warehouse lenders need to manage eNotes at scale,” Camelia Martin, vice president of eMortgage strategy at Snapdocs, said in a release. “Most large warehouse lenders are not realizing the efficiency benefits of eNotes, and our partnership with SitusAMC equips them to manage eNotes from within their existing systems and capture these benefits. This will enable warehouse lenders to better serve the needs of their customers.”
The integration between SitusAMC and Snapdocs allows eNote transactions to securely pass to and from ProMerit and the Snapdocs eVault. As a result, warehouse lenders can centralize their eNote management process within ProMerit and eliminate the need for manual workarounds. Warehouse banks can now accept eNote transfers, initiate outgoing eNote transfers, reconcile eNote data, and view eNote statuses — processes that typically require manual action within an eVault — all within ProMerit.
“Today’s market requires integrated technology solutions,” said Rich Berg, senior director of warehouse and custodial technology at SitusAMC. “This pioneering partnership with Snapdocs gives warehouse banks a competitive advantage, empowering them with an innovative and trusted solution to scale eNotes quickly and efficiently so they can better serve the needs of their customers.”
The Snapdocs eVault provides a secure and compliant solution for lenders and their secondary market partners to transact eNotes. Specifically developed for the mortgage industry — in collaboration with lenders, warehouse banks, servicers, and investors –the Snapdocs eVault is designed to meet the unique needs of each participant who interacts with eNotes across the mortgage lifecycle.