Introducing the Ability to "Close" Closings

Diana Duri -

Adding clarity to the end of a closing

With this new feature, you will now be able to mark a file as “Closed” in your Snapdocs dashboard. This is a different state than a settlement agent marking a file “Complete” after a signing appointment.

You will now notice four closing statuses on your dashboard; Open, Open-Signed, Canceled, and Closed.

  • Open: Documents are waiting to be signed
  • Open-Signed: The Settlement Agent has marked the signing appointment as complete
  • Canceled: The closing has been canceled
  • Closed:  The file has been closed out

How does it work?

Previously, the final step in a closing would come from the settlement agent who would mark the signing appointment as complete. Now when settlement marks the signing complete, it will be placed in a “Singed, close pending” state indicating that the lender can check the file and mark it as “Closed.”

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When settlement has completed their tasks on a closing, you now have the ability to mark a file as “Closed.” This will make the closing immutable (no one will be able to edit the closing, or upload documents to the closing) and will remove it from your default dashboard view of “Open” closings.

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Only a lender team member will be able to mark a file as “Closed.” You will still be able to view and download files from a file after it’s been marked “Closed.” You can revert a "Closed" file back to "Open."  However, once the file has been marked “Canceled,” you cannot undo the status. 

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For more information, you can watch this short video

When should you mark a closing as “Closed?”

You are able to mark a closing as “Closed” at any stage of a closing, whether or not settlement has marked the signing appointment “Complete.”  Most lenders will wait until all signed docs have been reviewed and loans are funded before marking the file “Closed.”

 

 

 

 

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