Leading mortgage lender among first Snapdocs eVault customers to use new technology designed to scale eNote adoption
Snapdocs today announced Primary Residential Mortgage, Inc.’s (PRMI) use of its new Snapdocs eVault and digital closing platform to scale electronic promissory note (eNote) adoption. Snapdocs collaborated closely with the national mortgage lender to inform development and bring its purpose-built eVault technology to market. Several other leading mortgage lenders have also implemented the Snapdocs eVault to deliver the significant benefits that eNotes offer to their organizations and to the consumers they serve.
“eNotes are a win-win for PRMI and our valued borrowers. We’re dedicated to advancing the adoption of digital closings and making eNote the default whenever possible,” said Alyssa North, SVP of Operations, PRMI. “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.”
Hindered by their first provider’s ability to meet critical scalability expectations, PRMI 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.
Key to PRMI’s success has been Snapdocs’ industry expertise and implementation support throughout the process. The partnership began with several early discovery sessions to understand PRMI’s existing operations, teams, and technologies. Paramount to these preliminary efforts was a loan portfolio assessment designed to inform PRMI’s digital closing rollout strategy and projected return on investment.
“From the beginning, we’ve had the utmost confidence and trust in Snapdocs. They realize that technology alone doesn’t solve problems and have taken the time to understand the challenges and nuances of our business – and how all of that informs our overall digital transformation,” continued North. “That tight partnership has already manifested itself in our early eNote successes, and we expect that to only grow over time.”
The Snapdocs eVault: Purpose-Built for All Mortgage Participants to Scale eNotes
PRMI is among many leading mortgage lenders looking to eNotes to stand apart from their competition. eNote adoption has accelerated as organizations continue to see increased operational efficiencies and significant cost savings. However, the technological and business process changes required have challenged some lenders in scaling eNote adoption.
The Snapdocs eVault is purpose-built for loan originators and secondary market participants to scale 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, including investors, warehouse lenders, servicers, and document custodians.
Other features of the Snapdocs eVault include:
- Intuitive Design & Automation: Provides an easy-to-use UI and simple workflows developed in partnership with PRMI make for an improved, customizable, and automated experience for all eVault users.
- Focus on Reliability and Security: Captures comprehensive audit logs and offers detailed reporting; it has undergone thorough third-party security testing and validation to ensure the security and enforceability of loan collateral. In the event of issues, Snapdocs eVault will provide detailed error messages and resolution recommendations, as well as advance notice of planned maintenance.
- Interoperability with Other eVaults: Fully integrated with the MERS® eRegistry and compliant with MISMO eVault Standards, the Snapdocs eVault has also completed certification with FHLMC and FNMA. It is fully tested with other eVaults on the market, ensuring confidence in eNote transactions with any counterparty.
“When we looked at the value eNotes offer relative to adoption, we realized there were gaps in the decades-old eVault solutions preventing lenders – and the industry at large – from getting to scale. Leveraging feedback from PRMI and other customers, we’ve developed the Snapdocs eVault to address the pain points holding our industry back. We’ve combined best-in-class technology with unmatched support to ensure customers experience successful implementations and widespread adoption,” said Aaron King, CEO of Snapdocs. “This offering is another step in building the infrastructure to make digital mortgage transactions faster, more reliable, and more accessible for all mortgage participants.”
Snapdocs will host a webinar about “The Urgency of eVaults” alongside experts from PRMI, National Mortgage News, and Fannie Mae to discuss the critical role eVaults play as well as the factors to consider when selecting eVault technology on Tuesday, November 15 at 2:00 pm EST. To register or watch the recording, click here.
About Snapdocs
Snapdocs is the mortgage industry's leading digital closing platform. Powering millions of closings each year, Snapdocs combines an open platform, patented AI technology, an extensive settlement network, and a team of industry experts to ensure digital closing success. Our proven approach enables market-leading lenders and title companies to automate the closing process and turn it into a competitive advantage. Using Snapdocs, lenders and title companies close more loans at lower costs while delivering the modern, referral-worthy digital experience borrowers expect. For more information, please visit www.snapdocs.com.
About Primary Residential Mortgage, Inc. (PRMI)
Primary Residential Mortgage, Inc. (PRMI) is a nationwide, multibillion-dollar operation cofounded in 1998. Its top leaders are authorities in the mortgage industry. With over 250 branches, licensed in 49 states and more than 2,200 employees, PRMI has been repeatedly recognized as a top mortgage lender. For more information, call 800-255-2792, visit primeres.com, or follow us on LinkedIn, Twitter and Facebook. PRMI is an Equal Housing Lender. NMLS #3094.
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Contacts
Sara Pallas
sara.pallas@snapdocs.com
