SAN FRANCISCO--(BUSINESS WIRE)--Snapdocs, the mortgage industry’s leading digital closing provider, today 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 with confidence and ease. "Today, eNote adoption by mortgage originators is just under 10%, and projections indicate it will reach nearly 30% of all new loan originations within a few years. To support this growth, warehouse lenders need to manage eNotes at scale,” said Camelia Martin, Vice President of eMortgage Strategy at Snapdocs. “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.”

Snapdocs, a digital closing provider for lenders, released new research that shows lenders using its eClosing platform are 18 days faster than industry peers across the loan production timeline - from loan application through delivery to the secondary market.

SAN FRANCISCO--(BUSINESS WIRE)--Snapdocs, the mortgage industry’s leading digital closing provider, released new third-party research revealing lenders using its eClosing platform are 18 days faster than industry peers across the loan production timeline—from loan application through delivery to the secondary market. The research, independently conducted by advisory firm STRATMOR Group, collected self-reported performance data from over 150 mortgage lenders1. STRATMOR Group found that the average lender in the participant group spent over 70 days from application to shipping, including 48.7 days from application to closing and 21.6 days from closing to shipping. Lender participants using the Snapdocs eClosing platform averaged only 41.1 days from application to closing and 11 days from closing to shipping—a 26% overall improvement. Further value was identified for Snapdocs lender participants that move loans off warehouse lines. These lenders averaged 18.6 days on warehouse lines, as compared to the non-Snapdocs participant average of 29.3 days—a 37% reduction in funding cycle time2