Transforming Mortgage Closings with Snapdocs
In a remarkable achievement, Zions Bancorporation has embraced digital transformation in the mortgage industry by partnering with Snapdocs, a leader in digital closing solutions. This collaboration has propelled Zions to surpass 75% adoption of hybrid digital closings within just one month. The decision to implement Snapdocs showcases Zions' commitment to enhancing customer experience, streamlining operations, and optimizing closing processes.
A Strategic Move for Operational Excellence
Zions Bancorporation, which operates across numerous states, found itself in need of a partner capable of facilitating an efficient digital closing process. Snapdocs emerged as the best choice, thanks to its specialized training and high-quality support aimed at local brands. With the transition to Snapdocs, the impact was immediate, achieving significant adoption rates of digital closings courtesy of their well-integrated platform.
Commitment to Customer Service
“At Zions, providing top-tier customer service is paramount,” stated Mike Pell, EVP of Enterprise Mortgage at Zions. This partnership with Snapdocs has not only refined their closing processes, but it has also made the entire homebuying journey more accessible and reliable for their customers. The speed of adopting hybrid closings speaks volumes about Snapdocs' effective platform and their focus on facilitating Zions’ digital success.
Impressive Metrics Following Implementation
Since the collaboration began, Zions has reported an astounding 100% eSign success rate. In addition, all settlements partners have achieved a 100% scanback rate. This impressive record shows how well the integration of hybrid closings is working. By transitioning to a more digital-centric model, the institution has reaped tangible benefits, including an 80% reduction in errors within closing documents. These statistics suggest that the shift to Snapdocs is not just about modernization; it’s also about significantly improving accuracy and efficiency.
Innovative AI Solutions for Enhanced Processing
Furthermore, Zions Bancorporation is an early adopter of Snapdocs' innovative Funding Quality Control (QC) product. This cutting-edge tool utilizes proprietary artificial intelligence to automate crucial funding and post-closing quality control processes. Previously, Zions’ team was tasked with manually reviewing every page of closing documents, a labor-intensive and time-consuming job! The introduction of Funding QC means that they now only need to focus on pages flagged by the system, resulting in a 98% decrease in manually-reviewed pages. This has allowed Zions to redirect their resources more effectively towards improving overall service delivery.
Looking Forward: Continuing the Digital Journey
The partnership does not end here. Zions Bancorporation is actively working towards further increasing their adoption of digital solutions. With plans to introduce eNote and Remote Online Notarization (RON) digital closings, the institution is clearly committed to staying ahead of the curve in digital mortgage solutions. As the industry evolves, Zions is poised to leverage these innovations for even greater operational efficiency.
“We are proud to support Zions in their journey toward digital closings and quality control automation,” said Michael Sachdev, CEO of Snapdocs. Snapdocs is excited about the future of this partnership and is dedicated to helping Zions enhance its productivity and provide exceptional customer experiences.
About Snapdocs
Snapdocs stands as a premier digital closing provider, seamlessly connecting various stakeholders involved in a mortgage closing. Their platform automates interactions between lenders and title companies from the pre-closing phase to the sale of the loan. Enhanced by patented AI technology, Snapdocs ensures secure and accurate closings, which ultimately allows for a competitive advantage for its customers.
About Zions Bancorporation
Zions Bancorporation is recognized as one of the leading financial services companies in the country, boasting approximately $87 billion in assets. With diverse service offerings across 11 states, they have established a reputation for excellence in customer service and innovation. Zions Bancorporation continues to be a distinguished member of significant financial indices, and its future initiatives aim to uphold its industry-leading status while enhancing service delivery.
Frequently Asked Questions
What was the main goal of the partnership between Zions Bancorporation and Snapdocs?
The primary goal was to enhance the mortgage closing process by adopting digital solutions and improving operational efficiency.
How quickly did Zions Bancorporation achieve digital closing adoption?
They achieved over 75% adoption of hybrid closings within just one month of collaborating with Snapdocs.
What impact has Snapdocs had on Zions’ customer service?
Snapdocs has allowed Zions to provide a more trustworthy and accessible closing experience for their borrowers.
How does the Funding Quality Control product work?
This product uses AI to automate crucial funding and post-closing quality control reviews, significantly reducing the number of pages needing manual reviews.
What future initiatives is Zions Bancorporation planning?
Zions is looking to implement eNote and Remote Online Notarization (RON) digital closings to further enhance their digital offering.
