Digital closing platform Snapdocs announced on Tuesday that it has completed its integration with Mortgage Cadence, a cloud-based digital lending platform.
This integration will enable lenders to finalize closing documents using Snapdocs within Mortgage Cadence’s loan origination system (LOS). Lenders can also use the system to order closing documents and other data.
In addition, lenders can use the LOS to send Snapdocs for eClosing. The documents will be encrypted prior to being stored on Mortgage Cadence.
“Many joint customers have asked for this integration,” Jim Rosen, executive vice president of services at Mortgage Cadence, said in a statement. “Working with great partners like Snapdocs paves the way for even more lenders to embrace digital mortgage tools and advances the entire industry toward an all-digital future.”
eClosings can help lenders reduce loan costs and save time, according to Todd Maki, Snapdocs’ vice president of customer success.
“Integrations with leading LOS providers like Mortgage Cadence allow lenders to easily consolidate new technologies into their existing stack, enabling a more efficient and successful implementation and ramp,” Maki said.
Snapdocs claims that its technology can help to close 40% more loans. The company said it saw a consumer increase of 700% in 2020 and was used in about 20% of all real estate transactions in the country, representing more than $60 billion in mortgage value.
Snapdocs also engages in point-of-sale (POS), eVault, Remote Online Notarization (RON) and Title Production System (TPS) integrations.
According to its website, it will soon integrate with Black Knight.
In May 2021, Snapdocs raised $150 million in a Series D funding, led by Tiger Global, bringing its valuation to more than $1.5 billion and its total funding to $260 million.
Mortgage Cadence, an Accenture company, released its newest version of the MCP loan origination system in August 2022. The goal is to provide lenders a platform to automate the mortgage lending process, from application to post-closing.