PRESS RELEASE | SnapFi: First Lender in California to Close a Digital Mortgage
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SnapFi: First Lender in California to Close a Digital Mortgage
Leading mortgage “uncomplicator” first to market with solution to expedite mortgages in wake of COVID-19
San Jose, CA. – May 19, 2020 – SnapFi, the leading home mortgage “uncomplicator,” announced today that it is the first lender in the state of California to close a digital mortgage. Using remote online notarization (RON), Snapfi was able to digitally complete the entire mortgage process in about half the time it would traditionally take with no need to be in the physical presence of a notary, especially important during this pandemic.
“COVID-19 is transforming the way business is being conducted and nowhere is that more apparent than in the real estate sector,” said Jim Campagna, Founder & CEO of SnapFi. “Due to the increasing difficulty conducting and closing real estate transactions during this tragic pandemic, SnapFi has developed an innovative way to expedite the digital notarization of mortgage documents in California to streamline the closing process.”
Current California law does not allow for the digital notarization of mortgages by licensed California Notaries. In the wake of COVID-19, however, California will follow suit and allow digital notarization by Notaries from states that do allow digital notarization. SnapFi immediately seized upon this opportunity to better serve its customers.
As an innovative digital mortgage lender, SnapFi had been successfully working towards the full digitization of the consumer-facing experience during the mortgage process. Having digitized the mortgage documents, RON was the final step towards a complete e-mortgage experience, making SnapFi the first lender in California to offer such a forward-thinking product for its many customers stymied by the restrictions in the State.
The entire mortgage process was extremely simple thanks to SnapFi’s advanced technology and expertise. The lender first initiated a RON for the digital notarization of mortgage documents in the state of Virginia. From there, the documents were executed via a video conference call with the borrower in Santa Clara County (California) and then digitally transmitted to SnapFi at their headquarters in San Jose, California for funding.
SnapFi’s use of digital notarization offers users a host of benefits including the following:
- The mortgage is done digitally
- No face-to-face contact with anyone, especially critical during COVID-19
- Pricing. Better rates than that of banks or even its largest competitors
- Convenience. Digital notarization can be completed whenever/wherever you are
- Simplification. Can cut the mortgage process down by as much as one-half
“SnapFi exists solely to uncomplicate the mortgage process for consumers,” added Mr. Campagna. “In this ‘new normal,’ it has become increasingly difficult for consumers to sell their home. Our commitment to innovation and technology coupled with our ability to be nimble, has enabled us to provide consumers with viable alternatives—such as digital notarization—that the big banks and our competitors do not have the ability, bandwidth or know-how to offer. We look forward to continuing to raise the bar by providing industry-first solutions that consumers want and need.”
About SnapFi
SnapFi believes home finance should be better for all Americans. It should be easy, fast, transparent, and low-cost. SnapFi’s mission is to make that happen. This is a huge, important part of our economy. Housing overall is a $23 trillion business, and mortgages account for $13 trillion. Yet the home financing industry operates in the same way it has for decades – through opaque systems and expensive intermediaries whose interests misalign with those of consumers. That is why SnapFi is re-engineering the home finance process from the ground up. We are using technology to make it faster and more efficient, and humans to help make it friendly and enjoyable. We are the first truly consumer centric mortgage “uncomplicator.” For more information, please visit SnapFi at https://www.SnapFi.com.
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SnapFi Media Contact:
Liam Collopy
Executive Vice President
Harden Communications Partners
Ph: 510-488-2472
E: Lcollopy@hardenpartners.com
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