ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, recently announced that it will provide Natural Disaster Alerts to SmartFees users.
In the event of a natural disaster, such as a hurricane, tornado or wildfire, lenders using SmartFees, will receive an alert listing all properties in the affected area with mortgage applications pending. The alert will also provide a score of “Low,” “Moderate,” or “Severe” based on proximity to the disaster to help lenders understand a property’s potential risk and the need for additional quality control reviews, such as a new inspection or appraisal, before the loan can be approved and closed. Early warning of potential problems will prevent significant delays or deals from falling through.
“Over the past few years, we have experienced unprecedented natural disasters and many scientists predict that trend will continue in the years to come,” said Bob Jennings, CEO of ClosingCorp. “This makes it critical for mortgage lenders to have an automated solution that can warn them about properties that could be impacted by a natural disaster. With Natural Disaster Alerts, lenders are informed not only about open loans in the affected area, but also their potential portfolio risk—allowing lenders to expedite internal quality control reviews in a more expeditious and efficient manner.”
Headquartered in San Diego, California, ClosingCorp owns and operates a source of intelligence for closing costs and service providers in the U.S. residential real estate industry.
"Through innovative solutions, progressive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals," ClosingCorp states. "Clients rely on ClosingCorp to help improve efficiencies and mitigate risk. For more information, please visit www.closing.com."