Survey of over 100 mortgage lenders reveals vendor selection plays a critical role in eClosing success
SAN FRANCISCO–(BUSINESS WIRE) – Snapdocs’ 2025 State of eClose Adoption Report, which collected third-party insights from 100 mortgage lending institutions, reveals that 90% of these lenders now offer digital closings to customers—a 22% increase since 2023. Despite this increase in technology investment, just 14% of lenders with eClosing technology close more than 80% of their loans digitally, meaning many lenders have yet to fully realize its benefits.
“Just offering eClosing is no longer the differentiator—it’s driving meaningful adoption that sets lenders apart.” —Snapdocs CEO Michael Sachdev.
Lenders are increasingly embracing digital closings because of the measurable efficiencies and improved experience digitization delivers. Among lenders that have invested in digital closings, the top benefits of eClosing technology ranked as follows:
- 83% of lenders cite improved borrower satisfaction
- 82% report greater staff efficiency and faster closings
- 79% see fewer errors on closing documents
However, the top barriers preventing adoption include high technology costs (50%), lack of stakeholder usage (42%), and technology issues (41%). Selecting an eClose provider with a proven track record in driving adoption at scale can make a significant difference in overcoming these challenges. For the first time since Snapdocs began tracking these trends, usability and security have surpassed cost as the top criteria in selecting an eClosing provider—reflecting lenders’ growing focus on enhancing the user experience.
“Just offering eClosing is no longer the differentiator—it’s driving meaningful adoption that sets lenders apart,” said Snapdocs CEO Michael Sachdev. “Slow adoption is preventing many lenders from fully unlocking the speed, efficiency, and improved borrower experience from digital closings. In contrast, the majority of Snapdocs lenders achieve over 80% adoption—more than 3.5x the industry average1.”
Recognizing the benefits of digital closing, eight-in-ten of the lender participants have defined eClose goals this year. Among their top priorities:
- 49% plan to expand hybrid closings across more of their loan portfolio
- 41% aim to maximize eNote adoption and offer Remote Online Notarization (RON)
- 44% intend to implement a new eClose provider
