"Snapdocs and BNY are partnering to launch an automated, end-to-end digital mortgage collateral and eCustody solution, the companies announced Thursday. The technology aims to eliminate manual handoffs and create faster execution in the secondary market. The initiative targets digitization of one of the mortgage industry's most stubborn bottlenecks: collateral delivery from closing through warehousing and into custody."
"This process often relies on paper files, scanning and email-based workflows between lenders, settlement agents, warehouse banks and custodians. By combining BNY's document custody and structured finance capabilities with Snapdocs' digital closing platform, eVault and document intelligence tools, the firms say they will provide a single connected infrastructure for secure, touchless collateral movement across the secondary mortgage market."
"Johnny Wijaya, head of structured finance and document custody solutions at BNY, said the bank is investing in infrastructure that supports faster, more transparent asset movement as digital collateral reshapes how loans are financed and traded. The collaboration with Snapdocs is positioned to modernize collateral delivery and review, reduce friction and strengthen confidence in asset quality, Wijaya said in a press release."
"Under the initiative, BNY's mortgage clients will gain four core capabilities, according to the companies: Purpose-built eVault and eCustody infrastructure: A platform to store and manage both digitally native and imaged mortgage documents, including eNotes, with full auditability to support secure custody. Touchless collateral delivery: Automatic digital transfer of collateral from lenders to BNY directly from closing, which replaces fragmented, manual handoffs that can add days to funding and sale timelines."
BNY and Snapdocs are partnering to deliver an automated, end-to-end digital mortgage collateral and eCustody solution. The technology is designed to remove manual handoffs and speed execution in the secondary market. It targets collateral delivery from closing through warehousing and into custody, a workflow that often depends on paper files, scanning, and email-based exchanges among lenders, settlement agents, warehouse banks, and custodians. The solution combines BNY document custody and structured finance capabilities with Snapdocs digital closing tools, including eVault and document intelligence. The result is a connected infrastructure for secure, touchless collateral movement, with capabilities for purpose-built custody, automated delivery, and document intelligence for classification, extraction, quality control, and risk surveillance.
Read at www.housingwire.com
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