Homebuyers and lenders looking for a faster and more digital closing experience are about to have a new tool in their toolbox thanks to a partnership announced Thursday between Notarize and Snapdocs.
The partnership will integrate the two companies’ tools. Those tools include Snapdocs’ platform, which lets lenders connect and communicate with the various parties involved in a real estate deal so that they can close remotely. Now, people using that platform will be able to reach one of Notarize’s remote online notaries without ever leaving the platform.
In a statement, Notarize CEO Pat Kinsel praised Snapdocs for having “built an incredible platform that is helping the entire real estate ecosystem move closer to a future where most or all closings are fully-digital.”
“At Notarize, we’ve built the gold standard [remote online notarization] solution and have also been working towards that same future,” Kinsel continued. “Partnering with Snapdocs gets everyone there faster.”
The statement goes on to note that the partnership delivers “a solution for the ‘last mile’ of a truly comprehensive digital closing experience for borrowers and signing agents.”
Notarize has in recent years been among the highest profile companies working to digitize real estate closings — which have in many cases remained stubbornly analog even as other parts of the real estate industry went online. Among other things, Notarize has previously struck up partnerships with a variety of other firms, and was recently dubbed one of the fastest growing companies in the U.S.
Snapdocs, which was founded in 2013, offers what it calls a “patented [artificial intelligence] technology and connected platform,” according to Thursday’s statement. The company also said in its statement that it powers one million closings per year. In May, Snapdocs was valued at more than $1.5 billion.
Thursday’s statement ultimately concludes that the partnership between Snapdocs and Notarize will produce a “comprehensive solution that leads to faster closing times and easier cross-party workflows.” And Todd Maki — Snapdocs’ head of business development and partnerships — added that teaming up with Notarize will help his company continue supporting the “real estate industry’s shift toward a digital-first approach for mortgage closings.”
“Adding Notarize’s [remote online notarization] solution to our platform,” Maki added in the statement, “is a great example of how we’re helping mortgage lenders orchestrate a more perfect mortgage closing that is fully-digital, highly efficient, and error free.”