SnapFi: first lender in California to take out a digital mortgage

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SAN JOSE, Calif .– (COMMERCIAL THREAD) – SnapFi, the leader in home mortgage simplification, today announced that it is the first lender in the state of California to enter into 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 without the need to be in the physical presence of a particularly important notary. during this pandemic.

“COVID-19 is transforming the way business is done and nowhere is this more apparent than in the real estate industry,” said Jim Campagna, Founder and CEO of SnapFi. “Due to the increasing difficulty in conducting and closing real estate transactions during this tragic pandemic, SnapFi has developed an innovative way to accelerate the digital legalization of mortgage documents in California to streamline the entire approval process.”

Current California law does not allow digital legalization of mortgages in the state. In the wake of COVID-19, however, California will follow suit with other states that allow digital notarization. SnapFi immediately seized this opportunity.

As an innovative digital mortgage lender, SnapFi has worked successfully on the complete digitization of the customer experience during the mortgage lending process. After digitizing all aspects of the mortgage process, RON was the final step towards a complete electronic mortgage experience, making SnapFi the first lender in California to offer such a forward-thinking product to its many customers stranded by restrictions in California. .

The whole mortgage process was extremely simple thanks to the cutting edge technology and expertise of SnapFi. The lender first launched RON for digital legalization of mortgage documents in the state of Virginia. From there, the documents were sent to the borrower in Santa Clara County, California and then to SnapFi at its headquarters in San Jose, California.

SnapFi’s use of digital notarization offers users a host of benefits, including the following:

  • No face-to-face contact with anyone, especially critical during COVID-19

  • Price. Better price than that of banks or even its competitors

  • Convenience. Digital notarization can be done anytime / anywhere

  • No paperwork. Everything is done digitally

  • Simplification. Can cut the mortgage process by up to half

“SnapFi exists only to simplify the mortgage process for consumers,” added Campagna. “In this ‘new normal’ it has become increasingly difficult for consumers to sell their homes. Our commitment to innovation and technology, coupled with our capacity for agility, has enabled us to provide consumers with viable alternatives, such as digital notarization, which the big banks and our competitors lack the capacity, bandwidth or know-how to offer. We look forward to continuing to raise the bar by providing innovative solutions that consumers want and need. ”

About SnapFi

SnapFi believes real estate financing should be better for all Americans. It should be simple, fast, transparent and inexpensive. SnapFi’s mission is to make this happen. It is a huge and important part of our economy. Overall, housing is a $ 23 trillion business and mortgages are $ 13 trillion. Yet the real estate finance industry operates the same way it has for decades – through opaque systems and expensive middlemen whose interests do not match those of consumers. That’s why SnapFi is revamping the real estate finance process from scratch. We use technology to make it faster and more efficient, and humans to make it user-friendly and enjoyable. We’re the first truly consumer-centric mortgage non-complicator. For more information, please visit SnapFi at https://www.SnapFi.com.

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