Snapdocs Inc., a digital fence platform for the mortgage industry, has launched Snapdocs eVault, a solution for the secure creation, storage and transfer of eNotes and other digital mortgage documents. The eVault will connect directly to the Snapdocs digital locking platform, expanding Snapdocs’ eVault integration suite to include a native developed option.

With the addition of this eVault, Snapdocs will provide a single consolidated platform for creating and storing eNotes. Borrowers can electronically sign closing documents, including the digital promissory note. Snapdocs will automatically store the electronic note in a secure electronic safe, register the note with MERS, and allow instant delivery to all of a lender’s counterparties, including investors, warehouse lenders, services, custodians documents and more. Lenders will be able to handle this process without ever leaving their loan origination system (LOS).

“It was only by fully understanding the complex workflows of lenders that Snapdocs became the industry’s leading digital fencing platform,” said Aaron King, CEO of Snapdocs. “We know how to help lenders realize the benefits of eNotes, and we will continue to make it easier for them by working with the electronic safe of their choice. “

Despite the rapid adoption of digital mortgage technologies, lenders are still grappling with the technological and business changes needed to store, manage, and ultimately scale eNotes, the digital equivalent of a promissory note. Although over 60% of lenders say electronic notes are an essential feature for mortgage closings, less than 3% of lenders are registered with MERS to create them, and around 3% of mortgages include an electronic note. . Meanwhile, Snapdocs lenders using eNotes are now saving hundreds of dollars per closing, and eNotes are a requirement to give borrowers a full eClosing experience.

The eVault follows recent announcements from Snapdocs regarding closing quality control, a solution to eliminate errors in the closing process, and the MISMO e-Eligibility Exchange, powered by Snapdocs, which helps lenders determine automatically the maximum degree of digitization for a given fence.

“We are working backwards from a future where mortgage fencing is perfect and enabling technologies are so good they just fade into the background,” King said. “The capabilities we develop will provide the digital infrastructure that will ultimately enable the seamless exchange of mortgage-backed assets among the thousands of industry participants who play a role in the mortgage life cycle.