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HomeStreet Bank Becomes a National Leader in the eMortgage Industry
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Rhea-AI Summary
HomeStreet has achieved a notable milestone by completing its first fully digital loan closing on October 13, utilizing advanced technology from Snapdocs. This positions the bank as one of the pioneering lenders in the U.S. offering a completely digital closing experience, enhancing convenience for customers. The partnership aims to provide a quick, secure, and error-free process for borrowers, removing the traditional barriers of physical presence during notarization. This innovative step reflects HomeStreet's commitment to improving customer experience and streamlining mortgage processes.
Positive
First fully digital loan closing completed on October 13.
Partnership with Snapdocs enhances customer experience and security.
Streamlined closing process allows borrowers to finalize loans from anywhere.
Negative
None.
HomeStreet has closed multiple loans to date using digital technologies, including a loan from a borrower living in Dubai
SEATTLE--(BUSINESS WIRE)--
The mortgage division of HomeStreet Bank successfully completed their first, fully digital closing on October 13, becoming one of the first banks in the country to do so. Using the digital signing solution and Remote Online Notarization (RON) capabilities from Snapdocs, HomeStreet provides customers a highly efficient and convenient path to home ownership.
“We're excited to partner with HomeStreet Bank, a lender already synonymous with providing exceptional service, to help them become one of the nation’s first mortgage lenders providing a fully digital closing experience for their borrowers,” said Vishal Rana, Vice President of Customer Success at Snapdocs.
Rana added, “With Snapdocs’ eClosing technology, HomeStreet Bank offers their borrowers the ability to close on their home quickly and without errors--from anywhere in the world. The benefits of a RON closing extend beyond ease-of-use: borrowers take comfort that Snapdocs industry-backed RON standards ensure a high level of security that’s superior to its ink-on-paper alternative,” he said.
Universal demand for RON is increasing as it rids the barrier of pen and paper along with physical presence to complete the signing process historically required to obtain a notarized document.
“We’re driven at HomeStreet to enrich the lives of our customers by providing services and solutions that make their lives easier,” said Mark K. Mason, President, CEO and Chairman of HomeStreet Bank. “A fully digital closing option for our mortgage customers helps streamline the process of home buying and puts time back on their calendars,” he added.
“We’re proud to be trailblazers in the industry while bringing advanced technology to today’s banking platforms,” Mason said.
About Snapdocs
Founded in 2013, Snapdocs is the mortgage industry’s leading digital closing platform. With its patented AI technology and connected platform, Snapdocs is on a mission to perfect mortgage closings for all. Powering millions of closings a year, Snapdocs is leading the charge to modernize, streamline, and improve the mortgage process for lenders, borrowers, and settlement. Snapdocs is the only solution with a proven track record of creating a single, scalable process for every closing. Every day, over 130,000 mortgage professionals rely on Snapdocs to automate manual work and digitize paper processes that plague the industry. Snapdocs is a rapidly growing San Francisco based real estate technology company backed by leading investors including Sequoia, Y Combinator, Tiger Global, F-Prime, Zigg Capital, Alkeon, Wellington Management, Greenpoint Partners, Maverick, Founders Fund, SV Angel, Gokul Rajaram, Lachy Groom, Jack and Sam Altman and Coyne Lloyd. To learn more, please visit snapdocs.com.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq: HMST) (the “Company”) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The Company’s primary business is community banking, including: commercial real estate lending, commercial lending, residential construction lending, single family residential lending, retail banking, private banking, and insurance services. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. HomeStreet Bank is the winner of the 2022 “Best Small Bank” in WashingtonNewsweek magazine award. Certain information about our business can be found on our bank website, located at http://www.homestreet.com and our investor relations web site, located at http://ir.homestreet.com.
