Document Redraw

We are launching a new solution that will seamlessly support document redraws for Lenders without leaving their LOS.

Key benefits:

• Minimize the time it takes Closers to order a redraw (only order redrawn documents).

• Ensure the Settlement Agent (or Notary) gets the new redrawn documents.

• The Settlement Agent (or Notary) only needs to print the redrawn documents.

• Individual redrawn documents are logged in Disclosure Tracking.

• If the Consumer has not completed eSigning, their eSign package is updated with the redrawn documents.

• Support Wet, Hybrid, Hybrid with eNote, full eClosing, and full eClosing with eNote.

How does it work?

Once the system has processed the original documents, if needed, the Lender can send the documents that need to be updated to Snapdocs.

After the system has located the correct closing, it will start the redraw process, in which:

• If the Lender provides wet sign documents; the system will add them to the wet sign package and remove the old version. 

• Suppose the Lender provides eSign documents, and no Consumers have eSigned. In that case, the system will add the eSign documents to the eSign package and remove the old version.

• If the Lender provides eSign documents, and any of the Consumers have eSigned, the system will add them to the wet sign package.

As soon as the redraw process is complete, the system will notify the Settlement Agent/Notary if the wet sign package was updated. 

If the eSign package was updated, the Consumer’s eSign package would be updated.

While documents are in the redraw process, the Lender’s UI will look like the following screenshot:

If the Consumer is accessing Snapdocs to review and eSigning the documents during the document redraw process, the system will inform them with the following message:

Here is the Lender’s UI after the document redraw process has been completed:

Note:

• If the Settlement Agent has already downloaded the original wet sign package, after the system has completed redrawing the wet sign documents, it will display the Redraw Documents as a separate package.

• If the Lender removes the closing package after the redraw has completed, the system will remove the original package + split packages + redraw packages. If the closing has rush documents, the system will not remove them in this case.

• If the Lender/Settlement Agent converts the Closing from a Hybrid to Wet after the redraw has completed, their Closing UI will look slightly different than the typical Wet Closing.

• The Audit trail will record the following redraw-related events:

  • Redraw documents marked as finished uploading

  • Redraw documents split

  • Rush document(s) added to closing

Please reach out to your Snapdocs Customer Success Manager for more information about this feature.

Closing Quality Control

Closing Quality Control (CQC) is a Snapdocs technology to classify scanbacks into their appropriate Encompass eFolder and check for missing pages or documents in the scanbacks (relative to the initial loan package).

Key benefits:

• Classify both eSigned and wet signed documents, and upload them to the appropriate eFolder in Encompass.

• Alert the Lender via email of any missing pages or missing documents when the scanback happens.
  

• The CQC progress is visible on both the Lender dashboard and the closing UI:

  • “CQC in progress” indicator:
    
    
    

  • “CQC Passed” indicator:
    
  • “Possible Errors” indicator:
    
    

Please reach out to your Snapdocs Customer Success Manager for more information about this feature.