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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

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 entire approval process."

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

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 all aspects of the mortgage process, RON was the final step towards a complete e-mortgage experience, making SnapFi the first lender in CA to offer such a forward-thinking product for its many customers stymied by the restrictions in California.

The entire mortgage process was extremely simple thanks to SnapFi’s advanced technology and expertise. The lender first initiated RON for the digital notarization 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 their 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
  • Pricing. Better pricing than that of banks or even its competitors
  • Convenience. Digital notarization can be completed whenever/wherever you are
  • No paperwork. Everything is done digitally
  • 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200519005184/en/

Contacts

SnapFi Media Contact:
Liam Collopy
Executive Vice President
Harden Communications Partners
Ph: 510-488-2472
E: Lcollopy@hardenpartners.com