Snapdocs completes integration with Mortgage Cadence LOS
Digital closing platform Snapdocs introduced on Tuesday that it has accomplished its integration with Mortgage Cadence, a cloud-based digital lending platform.
This integration will allow lenders to finalize closing paperwork utilizing Snapdocs inside Mortgage Cadence’s mortgage origination system (LOS). Lenders may also use the system to order closing paperwork and different information.
As well as, lenders can use the LOS to ship Snapdocs for eClosing. The paperwork shall be encrypted previous to being saved on Mortgage Cadence.
“Many joint clients have requested for this integration,” Jim Rosen, government vp of companies at Mortgage Cadence, stated in a press release. “Working with nice companions like Snapdocs paves the way in which for much more lenders to embrace digital mortgage instruments and advances the whole business towards an all-digital future.”
eClosings might help lenders cut back mortgage prices and save time, in keeping with Todd Maki, Snapdocs’ vp of buyer success.
“Integrations with main LOS suppliers like Mortgage Cadence permit lenders to simply consolidate new applied sciences into their present stack, enabling a extra environment friendly and profitable implementation and ramp,” Maki stated.
Snapdocs claims that its know-how might help to shut 40% extra loans. The corporate stated it noticed a shopper improve of 700% in 2020 and was utilized in about 20% of all actual property transactions within the nation, representing greater than $60 billion in mortgage worth.
Its latest integrations embrace AnnieMac House Mortgage, BeSmartee, Maxwell, Byte and Major Residential Mortgage, Inc. (PMRI).
Snapdocs additionally engages in point-of-sale (POS), eVault, Distant On-line Notarization (RON) and Title Manufacturing System (TPS) integrations.
In keeping with its web site, it’s going to quickly combine with Black Knight.
In Could 2021, Snapdocs raised $150 million in a Collection D funding, led by Tiger International, bringing its valuation to greater than $1.5 billion and its whole funding to $260 million.
Mortgage Cadence, an Accenture firm, launched its latest model of the MCP mortgage origination system in August 2022. The aim is to supply lenders a platform to automate the mortgage lending course of, from utility to post-closing.
Snapdocs was featured on HousingWire’s Tech100 in 2021, whereas Mortgage Cadence ranked in 2021 and 2022.
