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New Research Reveals Large Gap Between eClose Technology Investment And Adoption

Snapdocs, a mortgage digital closing provider, released new research revealing that the majority of lenders who have purchased eClose technology are not realizing the benefits of the product at scale.

A survey of 100 top mortgage lenders identifies key trends, challenges, and best practices to adopting eClosing technology in the mortgage industry. It found that 74% of lenders have invested in eClose technology, but only 28% of those offering eClosings have achieved an adoption rate above 60%.

Within the survey, lenders cited the challenges to achieving strong digital closing adoption are the perceived technology costs and limitations regarding security, integration capabilities, support for staff training.

However, 60% of lenders surveyed reported eClose initiatives remain a top priority, with goals of enhancing the borrower experience, improving margins, and increasing staff efficiency and closing speed. Previous research released by Snapdocs confirms that the average gross savings-per-loan increases as a loan gets more digitized, with eNote and RON representing the greatest opportunity for cost savings.

“Attaining high eClose adoption at scale requires more than just offering capable technology,” said Snapdocs CEO Michael Sachdev. “The lenders we see achieving success and maximizing the value of digital closings are those that identify the proper strategy, prioritize change management, and meticulously evaluate eClose providers. Our research shows that this translates into greater adoption and greater savings. Our focus at Snapdocs is to aid our lender customers in maximizing eClose adoption by delivering a fully-featured and integrated platform with white-glove support.”

According to Snapdocs’ own data, 60% of lenders using Snapdocs eClosing, the company’s digital closing platform, have reached an adoption rate above 60%. This is about double the adoption rate of the lenders surveyed.

Additional key findings from the research include:

  • Among all lenders, the most common closing type is hybrid (62% of loan volume), followed by wet (53%), then eNote (44%).
  • More than one-in-four lenders—26%—only offer wet or non-digital closings.
  • Non-bank lenders such as independent mortgage banks and credit unions are more inclined to offer wet closings, in which the borrower previews all closing documents digitally before attending an in-person appointment, while national and global banks are more likely to offer hybrid closings and eNotes.
  • Only 11% of lenders offer a fully digital closing using a remote or in-person electronic notarization (RON or IPEN).

This lender survey was conducted in collaboration with Arizent, the parent company of National Mortgage News. A complete summary of the findings is highlighted in Snapdocs’ new industry report, “The State of eClose Adoption.” In addition to publishing the industry report, Snapdocs plans to host a webinar on September 27, 2023, to provide a deep dive into the research findings.

To download the industry report, please visit Those interested in attending the webinar can register at