Snapdocs has successfully raised $25 million in Series B funding, led by F-Prime Capital and with participation from previous investors Sequoia Capital, who led Snapdocs’ Series A, Freestyle Capital and Founders Fund. With this funding, Snapdocs will continue to develop its artificial intelligence offerings and platform so that homebuyers can close on their dream homes faster and with far less stress. As part of the funding round, David Jegen of F-Prime Capital will join Snapdocs’ board of directors.
“Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized,” said David Jegen, managing partner of F-Prime Capital’s tech fund. “The entire closing process is cumbersome and in need of a better workflow for collaboration, coordination and transparency. Snapdocs has built the leading vertical SaaS solution to this problem and is well-positioned to become the industry’s platform for digital mortgage closings.”
Snapdocs’ platform currently powers over 10% of all U.S. residential mortgage transactions, roughly equalling $150 billion in real estate transactions annually. Snapdocs attributes its success in large part to its differentiated approach to driving technology adoption, choosing to work from within the industry to help existing parties work better together as opposed to a more disruptive approach typically employed by other technology companies.
Tavant, a provider of AI-powered digital lending technologies, announced that Consumer Direct Mortgage, a division of FirstBank with mortgage operations and financial centers throughout the Southeast, leveraged FinXperience to develop and deploy a new consumer direct digital lending platform. A component of Tavant VΞLOX, an AI-powered digital lending suite of products, FinXperience is a point-of-sale solution that provides a simplified digital experience across all lending channels.
“Tavant has been an outstanding technology partner in turning our vision into a reality,” said Jamie Thornton, Director, Online Mortgage Lending for FirstBank. “During our due diligence, they were the only provider that was able to adapt their product to our unique business model and in turn, build a platform that was tailored to our specific workflow and business processes. Together, we’ve launched a modern mortgage application platform that provides rate and cost transparency while reducing loan durations, providing an enhanced customer experience.”
First American Mortgage Solutions, LLC, a part of the First American family of companies, launched Xtent, a configurable, data solution with instant property and borrower analytics, powered by First American’s leading title data. This offering for lenders and servicers streamlines the review process, creates efficiencies, and identifies risk.
Xtent can be delivered via multiple channels, including an integration into existing tech stacks through an application programming interface (API). It’s also available as data-only, excel/CSV, or PDF reports. It includes an at-a-glance summary with actionable alerts and analytics that indicates loan data inconsistencies which may need further review. This allows lenders and servicers to assess marketing candidates, commence origination of a new loan, define preemptive account management strategies, or facilitate MSR transactions.
“Xtent will empower lenders and servicers to identify and match relevant data to the corresponding risk decisions,” said Kevin Wall, President of First American Mortgage Solutions.