Technology and connectivity has become the price of entry for all players in the real estate ecosystem. It’s already the primary way the largest lenders connect with the tens of thousands of vendors that they deal with every day to originate loans. In order to compete, smaller and mid-sized lenders must up their game, as far as technology is concerned.
One area that requires complete automated technology is getting accurate disclosure data. Manual entry requirements, multiple user inputs, and limited automation not only make the process complex, time-consuming and work-intensive, but also deliver unreliable data. Automated technology is really the only safe way to keep track of all the moving parts that go into a mortgage and all the various federal, state and local rules (which can be in the hundreds in some parts of the country) that can trigger a regulatory violation.
As the leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, ClosingCorp can help. The company’s flagship product, SmartFees, combines innovative technology and strong alliances to provide fully managed, vendor-verified rates and fees from its ClosingCorp Network of more than 20,000 unique real estate service providers representing title, settlement, appraisal, surveys, inspections and engineering, covering every geographic area in the nation.
Unlike other solutions, SmartFees delivers actual fee data from more than 75,000 rate cards—not estimates. Lenders can use this validated fee information to populate Loan Estimates (LEs) and Closing Disclosures (CDs) mandated by the TILA-RESPA Integrated Disclosure (TRID) rule, as well as RESPA-compliant Good Faith Estimates (GFEs) for applicable loan types. Documents created using SmartFees come with a complete audit trail from the original quote given to a borrower to subsequent documents that are revised due to changes in circumstance.
Retail, correspondent or wholesale lenders nationwide can benefit from SmartFees because it:
>> Mitigates compliance risk by allowing lenders to avoid variance violations on improperly disclosed files.
>> Increases efficiency by eliminating the need to manually enter closing cost data or use antiquated tables and templates.
>> Provides notifications if recording fees and/or transfer taxes change so lenders can update and re-disclose costs to their borrowers.
>> Is backed by ClosingCorp’s Guarantee, which meets the demands of zero variance for affiliates and transfer taxes.
Additionally, SmartFees can be accessed via its web-based solution or through one of its many direct integrations with leading point of sale and loan origination systems—such as Black Knight Empower, Blend, Cloudvirga, Ellie Mae Encompass, PCLender, and Wipro Gallagher Solutions NetOxygen—for a seamless workflow.