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The partnership will provide the first-ever centralized repository for digital fence acceptance criteria to help lenders more easily adopt digital mortgage fences
WASHINGTON – (BUSINESS WIRE) –
MISMO®, The Real Estate Finance Industry Standards Organization, announced a collaboration to develop the electronic eligibility service MISMO, powered by Snapdocs (the electronic eligibility service). The online service will be developed in partnership with Snapdocs, Inc., a leading digital fence platform for the mortgage industry. This resource will provide participants in the mortgage industry with a better understanding of just how digital a mortgage transaction can be. It will help lenders easily determine the right type of digital mortgage closing for each loan by quickly assessing the different factors that impact its e-eligibility or ability to be digitized.
“MISMO is dedicated to supporting the industry’s transition to digital mortgage fencing. By ensuring the transparency and accessibility of the requirements that govern them, lenders can confidently scan their fences in a compliant manner and without restricting their ability to sell this loan in the secondary market. This new electronic eligibility service is designed to do just that, ”said Seth Appleton, President of MISMO. “Developing this resource is part of our strategy to deliver services that support industry-wide adoption of digital closures. We take seriously our role as the industry’s trusted source for maintaining this data. ”
Although the industry is rapidly adopting digital mortgage fences, not all fences can be fully digitized. Several factors influence the electronic eligibility of a loan, including the acceptance policies of the lender’s business partners, the capabilities of county registrars, title underwriting requirements, electronic notarization regulations, and preparation of the loan. settlement agent.
The MISMO electronic eligibility service, powered by Snapdocs, will be the industry’s first utility to provide centralized access to the network of policies that impact digital closings. It will allow lenders and other industry participants to confidently determine how “e” loan closings can be and optimize the digitization of the closing process.
“The difficulty of determining the electronic eligibility of each mortgage closing must be eliminated to fully unlock the promise of large-scale digital fences,” said Aaron King, CEO of Snapdocs. “This service will reduce the complexity of selecting the best fence. type for every loan and will help lenders improve efficiency, increase profitability, reduce errors and provide a better borrower experience. We are proud to invest in this initiative with MISMO to put the industry on the path to a perfect close. ”
This electronic eligibility service partnership builds on the respective areas of expertise of Snapdocs and MISMO. Snapdocs will develop the technology that powers the service, and MISMO will host and manage the electronic eligibility service and work with industry participants to ensure the service has the most robust and up-to-date digital close criteria. possible.
The e-eligibility service will be launched in the first quarter of 2022, via an online interface and APIs that can be integrated with other technology platforms. For more information, please visit here.
MISMO is the standards body for the real estate finance industry, developing solutions essential to enable the American Dream. With MISMO, all mortgage stakeholders have the opportunity to collaborate, innovate and prosper by creating solutions to improve efficiency, reduce costs and improve the overall mortgage experience. For more information on MISMO’s work to help shape the future of the mortgage industry, visit www.mismo.org. For more information on the costs of investing in innovation and the benefits the industry derives from it, go here.
Founded in 2013, Snapdocs is the leading digital closing platform for the mortgage industry. With its patented AI technology and connected platform, Snapdocs is on a mission to perfect mortgage fencing for everyone. Powering millions of fences a year, Snapdocs is leading the charge to modernize, streamline and improve the mortgage process for lenders, borrowers and settlement. Snapdocs is the only solution proven to create a unique and scalable process for every fence. Every day, more than 130,000 mortgage professionals trust Snapdocs to automate manual work and digitize the paper-based processes that plague the industry. Snapdocs is a growing San Francisco-based real estate technology company backed by top investors including Sequoia, Y Combinator, Tiger Global, F-Prime, Zigg Capital, Alkeon, Wellington Management, Greenpoint Partners, Maverick, Founders Fund , SV Angel, Gokul Rajaram, Lachy Groom, Jack and Sam Altman and Coyne Lloyd. For more information, please visit snapdocs.com.