Zions Bancorporation announced a collaboration with Snapdocs to digitize its mortgage closings, achieving over 75% adoption of hybrid closings after just one month. This rapid adoption, based on data from June to September 2024, demonstrates the effectiveness of the Snapdocs platform. The initiative aims to deliver a superior borrower experience and improve operational efficiency.
Since implementation, Zions reported a 100% eSign success rate, meaning no borrowers opted out of a digital closing. The lender also saw an 80% reduction of errors in closing documents due to hybrid closings. These metrics highlight significant improvements in the closing process accuracy and customer satisfaction.
Zions is an early adopter of Snapdocs' new Funding Quality Control (QC) product, which uses proprietary artificial intelligence (AI) to automate funding and post-closing quality control reviews. This AI-powered solution has reduced the number of pages requiring manual review by 98%, creating substantial time savings and greatly improving operational efficiency for Zions. The company plans to further increase adoption and implement eNote and Remote Online Notarization (RON) digital closings.
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