Republic Bank and Trust Co. and Snapdocs announced they are partnering in an effort to accelerate the bank’s eClosing adoption, with plans to increase productivity and efficiency across Republic’s entire loan portfolio, including its home equity line of credit (HELOC) business.
Republic stated it selected Snapdocs as its partner because of the digital closing provider’s “proven expertise” in driving eClosing adoption at-scale, ease of use, flexibility in support of various loan and closing types, and integration with the company’s loan origination system, Byte. The bank stated it is confident in Snapdocs’ ability to deliver faster closing times, fewer errors, and significant cost savings.
“We are continuously innovating to streamline our operations, manage costs effectively, and consistently deliver an exceptional customer experience,” Republic Bank Senior Vice President and Director of Loan Operations Tim Poole said. “Snapdocs is the perfect partner, guiding us through every step to accomplish these goals. With the Snapdocs eClosing platform, we gain an intuitive solution backed by a team of experts who will be instrumental in helping us scale digital closings.”
The bank stated it will use Snapdocs to scale hybrid closings and wet transactions before launching fully digitized closings. With a seamless, secure flow of data through Byte, the Snapdocs eClosing platform will enable Republic to initiate digital closings and view real-time loan status updated directly from its loan origination system, the bank added.
“We look forward to providing the technology, support, and partner network Republic Bank needs to digitize closings and help borrowers reach their financial goals,” Snapdocs CEO Michael Sachdev said. “We’re confident that our deep expertise in supporting the HELOC closing process will give Republic Bank a competitive advantage.”
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