Enhanced technology initiatives for wholesale and correspondent lenders is now available thanks to ""ClosingCorp's"":http://www.closingcorp.com/ new platform. The company recently announced that it would release the ""SmartGFE Service"":http://www.closingcorp.com/products/, targeting streamlined processing for entities in both markets.[IMAGE]
ClosingCorp's SmartGFE product will provide instant access to RESPA-based ""Good Faith Estimate (GFE)"":www.hud.gov/offices/hsg/ramh/res/gfestimate.pdf data to those in the wholesale and correspondent segments.
Focused on delivering live closing cost rates for local and national real estate transactions, SmartGFE will also give users up-to-the-minute transfer tax and recording fee statistics for more accurate GFE generation.
Additionally, SmartGFE lends greater quality control for inbound loan documents, tailors workflow, and assists with identification of incorrect files and tolerance violations.
ClosingCorp noted the loan officer compensation rule contained in the Dodd-Frank Act as the chief catalyst behind its SmartGFE offering, citing the prohibition now placed on lenders, which are no longer able to ""bill back"" any payment discrepancies associated with incorrect fee disclosure.[COLUMN_BREAK]
ClosingCorp also emphasized the increasing costs associated with lenders' advanced financial accountability for GFE numbers and touted SmartGFE as a more cost-effective way to maintain improved compliance.
Of the company's SmartGFE debut, ClosingCorp's president, Paul Mass, said, ""At a time when many large lenders have left the wholesale and correspondent markets, the SmartGFE Service is designed to help lenders mitigate third-party risk and comply with new regulations established by the Dodd-Frank Act. Lenders today must take advantage of available technology to create quality loan files at the onset of the process, reduce tolerance violations and improve their bottom line.""
The SmartGFE portal enables system users to share GFE information with business partners and brokers, and the product includes a personalized, ""private-label"" option specifically for broker communications.
SmartGFE is currently available for integration with ""Calyx's"":http://www.calyxsoftware.com/ Point software and ""Ellie Mae's"":http://www.elliemae.com/ Encompass360 programs.
Elaborating on the technology, Cathy Blaszyk, vice president of lender services for ClosingCorp, commented, ""More than ever, traditional lenders must create valuable, cost-effective partnerships with wholesale and correspondent originators. Many lenders now understand that engaging technology to generate precise GFE data can reduce risk and improve overall operations.""
ClosingCorp is based in La Jolla, California, and the company has been active in residential real estate data and technologies since its foundation.
The company also operates ""Closing.com"":http://www.closing.com/, a comprehensive website for real estate-related services and rates that targets consumers with tools like the SmartClosing Mortgage Calculator.