ClosingCorp [1] has announced the release of SmartCalc, a next generation online closing costs calculator that enables title companies to provide accurate, instant online quotes, actual title and settlement rates and fees, transfer taxes, and recording fees.
Lenders will be able to use SmartCalc to access accurate information about settlement services 24 hours a day, 7 days a week. The tool will also help realtors by providing their sellers with the information they need to understand potential proceeds from the sale a property—including a breakdown of buyer and seller fees.
SmartCalc includes a personalized Seller Net Sheet, which shows all of the title, settlement services, transfer tax, recording fees, and commission that are included in the closing process, according to the announcement.
The new tool is designed to not only make operations more efficient for title companies, but to improve their relationships with lenders and realtors.
“Title companies, lenders and Realtors are looking for new ways to add transparency to the home buying and selling process. They want to help their clients—both buyers and sellers—understand the costs associated with the transactions and do this as quickly as possible to eliminate surprises at the closing table,” said Kerry Stockel, product manager of ClosingCorp. “SmartCalc will be able to significantly boost productivity, increase efficiency and provide a sustainable solution to clients.”