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Zions Bancorporation Achieves 75% Hybrid Digital Closing Adoption After Just One Month with Snapdocs

By: via Business Wire

The lender aims to deliver the best borrower experience while improving operational efficiency with digital closings

Snapdocs, the mortgage industry’s leading digital closing provider, announced a collaboration with Zions Bancorporation (NASDAQ: ZION) to digitize the lender’s mortgage closings. The Zions network of banks selected Snapdocs for its unmatched ability to drive high digital closing adoption, optimize operational efficiency, and provide flawless experiences for loan officers, settlement partners, and borrowers.

Zions operates in 11 western states, and sought a digital closing provider with the proficiency to implement and scale digital closings across its network. Snapdocs offered comprehensive training and white-glove support for all local brands, and after just one month of working with Snapdocs, Zions achieved over 75% adoption of hybrid closings1.

"At Zions, we’re committed to delivering the best customer service to our borrowers. This collaboration with Snapdocs allows us to significantly enhance our closing process and make the home buying experience more trustworthy and accessible," said Mike Pell, EVP of Enterprise Mortgage at Zions. "The speed at which we’ve adopted hybrid closings demonstrates the effectiveness of the Snapdocs platform and their dedication to our digital closing success."

Since implementation, Zions has reported a 100% eSign success rate—meaning no borrowers opted out of a digital closing—and a 100% scanback rate with settlement partners1. The lender has also seen an 80% reduction of errors in closing documents due to hybrid closings2.

In addition, Zions is an early adopter of Snapdocs' new Funding Quality Control (QC) product. The Funding QC product uses proprietary artificial intelligence (AI) to automate funding and post-closing quality control reviews, ensuring the accuracy of critical funding documents. Previously, the Zions team manually reviewed every page for each closing. Funding QC has reduced the number of pages that require manual review by 98%, allowing their team to focus only on the errors flagged by the Snapdocs platform2. This has created significant time savings and greatly improved operational efficiency for Zions. Looking ahead, the lender aims to further increase adoption and implement eNote and Remote Online Notarization (RON) digital closings.

“We're proud to support Zions as they embrace digital closings and QC automations to gain a distinct advantage in today’s competitive environment,” said Michael Sachdev, CEO of Snapdocs. “We look forward to helping them maximize productivity and efficiency, while providing exceptional experiences for their customers.”

1 Data provided by Zions Bancorporation, based on total loan volume on the Snapdocs platform from June to September 2024.

2 Error reduction calculated from Zions Bancorporation's loan volume on the Snapdocs platform during the same period.

About Snapdocs

Snapdocs is the leading digital closing provider, connecting the people, processes, and technologies that power a mortgage closing. Our platform automates every interaction between lenders and title companies from pre-closing through the sale of the loan. With our patented AI technology, hands-on customer service, and extensive settlement and notary networks, all mortgage participants enjoy accurate, smooth, and secure closings. This approach gives customers a competitive advantage by saving them time and money. Snapdocs makes mortgage a snap. For more information, please visit www.snapdocs.com.

About Zions Bancorporation

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $87 billion of total assets at December 31, 2023, and annual net revenue of $3.1 billion in 2023. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

"The speed at which we’ve adopted hybrid closings demonstrates the effectiveness of the Snapdocs platform and their dedication to our digital closing success." - Mike Pell, EVP of Enterprise Mortgage at Zions Bancorporation

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