Snapdocs announced a collaboration with Zions Bancorporation to digitize the lender’s mortgage closings.
Zions operates in 11 western states and sought a digital closing provider with the proficiency to implement and scale digital closings across its network.
Snapdocs offered comprehensive training and white-glove support for all local brands, and after just one month of working with Snapdocs, Zions achieved over 75 percent adoption of hybrid closings.
"At Zions, we’re committed to delivering the best customer service to our borrowers. This collaboration with Snapdocs allows us to significantly enhance our closing process and make the homebuying experience more trustworthy and accessible," Mike Pell, executive vice president of enterprise mortgage at Zions, said in a release. "The speed at which we’ve adopted hybrid closings demonstrates the effectiveness of the Snapdocs platform and their dedication to our digital closing success."
Since implementation, Zions has reported a 100 percent eSign success rate — meaning no borrowers opted out of a digital closing — and a 100 percent scanback rate with settlement partners. The lender has also seen an 80 percent reduction of errors in closing documents due to hybrid closings.
In addition, Zions is an early adopter of Snapdocs' new Funding Quality Control (QC) product, which uses proprietary artificial intelligence = to automate funding and post-closing quality control reviews, ensuring the accuracy of critical funding documents.
Previously, the Zions team manually reviewed every page for each closing. Funding QC has reduced the number of pages that require manual review by 98 percent, allowing their team to focus only on the errors flagged by the Snapdocs platform. This has created significant time savings and greatly improved operational efficiency for Zions, the lender said.
Looking ahead, Zions aims to further increase adoption and implement eNote and remote online notarizationdigital closings.
“We’re proud to support Zions as they embrace digital closings and QC automations to gain a distinct advantage in today’s competitive environment,” said Michael Sachdev, CEO of Snapdocs. “We look forward to helping them maximize productivity and efficiency, while providing exceptional experiences for their customers.”