Snapdocs highlights the significant benefits of digital closings, noting that lenders overwhelmingly report enhancements in borrower satisfaction (83%), staff efficiency (82%), and reduced errors (79%). However, the study points to barriers such as high technology costs (50%) and low adoption rates among stakeholders that hinder widespread implementation. Snapdocs CEO Michael Sachdev emphasizes that simply providing eClosing services is not enough; lenders need to drive meaningful adoption to reap the full benefits. Despite these challenges, lenders with strong adoption rates experience notable advantages, with many aiming to expand their digital closing capabilities in 2025.
According to Snapdocs, the digital closing trend can be attributed to measurable efficiencies and improved experiences resulting from digitization, with 83% of lenders noting improved borrower satisfaction.
As Snapdocs CEO Michael Sachdev expressed, merely offering eClosing doesn't set lenders apart; it's actually achieving meaningful adoption that truly distinguishes them in the market.
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