In about 5-10% of mortgage closings, two or more borrowers may apply for the loan separately.
In these cases, to protect each borrower's privacy, the Lenders strictly forbid loan documents that contain sensitive information about each borrower to be shared with the other borrowers.
Putting these types of loans through Snapdocs is the best way to ensure the consumer's privacy.
Feature highlights
- The system will only display sensitive borrower information to the appropriate users.
- Each borrower will only review and eSign documents that pertain to that borrower.
- Support wet, hybrid, and hybrid with digitized title documents closings.
How does it work?
Since Dual Borrower Closings are auto-detected and will not require any changes in the Lender’s workflow, you can submit these closings the way you do today.
If the closing is a Dual Borrower hybrid closing, you will notice the following UI changes from both the Lender’s view and the Settlement’s view. Use the below table to reference the differences between a regular hybrid closing and a Dual Borrower hybrid closing:
| Regular Hybrid Closing | Dual Borrower Hybrid Closing | |
| Consumers' Journey |
No indicator appears:
|
A Dual-Borrower indicator will appear:
|
| Reference Documents section |
Only one Consumer Preview package for both Primary Signer and Co-signer:
|
Separate Consumer Preview packages:
|
Note: Although only one eSign package is displayed in the Reference Documents section when each borrower goes to eSign, the system will only display the pages requiring their initial/signature.