SAN FRANCISCO — April 7, 2021 — Snapdocs, provider of the mortgage industry’s leading digital closing solution, today announced that Weichert Financial Services has selected Snapdocs to create a single, scalable process with its settlement partners. Weichert Financial chose Snapdocs’ digital closing platform to streamline and standardize its process in order to close more loans, at lower costs, while delivering the simple, intuitive digital experience borrowers have come to expect.
Home buyers are increasingly looking for a simplified mortgage process that reduces the paperwork and speeds up the closing time. The typical real estate closing can have as many as 100 documents involved at various stages of the transaction.
“Our goal was to create a hybrid loan package that could reduce the number of documents from 100 to around 20 at the time of closing,” explained Eric Declercq, president of Weichert Financial Services. “Using Snapdocs’ cutting-edge digital closing platform, we can now have customers sign various documents earlier in the process greatly reducing the stress of the final closing. The technology provides a better, more responsive experience for our customers and a streamlined process for the lenders.”
As a result of COVID-19 restrictions, the pace of change in customer demand has accelerated, further amplifying the benefits of digital closings. Weichert was already working with Snapdocs to bring a digital closing environment to its customers when the pandemic hit. As a result, Weichert is well placed as a driver and early adopter of hybrid and fully digitized closings.
“Weichert has always taken the lead on leveraging technology to produce a superior experience that we
refer to as the All Under One RoofSM Customer Experience. The move to a completely digital closing experience is well under way and will grow exponentially in 2021 and beyond,” said Declercq. “We are excited about working with Snapdocs on this ambitious effort.”
Snapdocs powers millions of mortgage closings a year. Its digital closing platform will empower Weichert Financial Services and its settlement partners, especially the Weichert Title Group, to modernize, streamline and improve the mortgage closing process for every participant. By coordinating each party on a single platform, leveraging AI to automate manual tasks, and delivering a modern digital borrower experience, Weichert Financial Services will close more loans, at lower costs, while quickly and significantly growing its business and market share in a fast-growing sector.
“The time is now for digital transformation in real estate and mortgage,” said Aaron King, founder and CEO of Snapdocs. “Weichert Financial Services has recognized the value of digital closings for some time, and that value has become especially apparent through the past year. Customers like Weichert are already seeing operational efficiencies and better experiences driving customer referrals through digital closing, which allows them to clearly differentiate against competitors. We’re thrilled to partner with Weichert as they move toward a standardized digital closing process.”
According to the Federal Housing Finance Agency (FHFA), the purchase of eMortgages by Fannie Mae and Freddie Mac spiked significantly over the first six months of 2020. The FHFA reported that eMortgages comprised 4.25 percent of all single-family mortgage purchases made by the two agencies during the first half of the year, accounting for $38.8 billion in mortgages. That is a 66 percent increase from 2018.
“All signs point to this demand continuing to rise as customers move beyond COVID to appreciate the benefits of speed and simplicity, and as more mortgage service providers follow Weichert’s lead and offer hybrid and fully digital loans packages,” said Declercq.
