Currently, ClosingCorp’s Loan Estimate Service provides users with access to RESPA-compliant Good Faith Estimate (GFE) data, audit trails, and a data guarantee, the company says.
In addition, ClosingCorp provides fully managed, vendor-verified rates and fees from nearly 20,000 unique real estate service providers covering every geographic area in the nation.
Beginning on October 3, it will be able to provide validated fee information to populate the new Loan Estimate (LE) mandated by the TILA-RESPA Integrated Disclosure (TRID) rule.
“With new civil liability offering the threat of class-action lawsuits, how data is aggregated, calculated, formatted and mapped—accurately, in a compliant way—under TRID is going to be a big challenge for lenders,” said Brian Benson, CEO of ClosingCorp. “To be truly ‘TRID-Ready’ you need to be able to verify the upfront accuracy of the fees that are being quoted, and they also need to be 100 percent in sync with the fee-logic used to create the final Closing Disclosure, or you run the risk of being out of tolerance and causing delays at the closing table. Our proprietary national data repository and neural knowledge base can not only uniquely help support compliance, but also increase productivity and time management in this highly volatile environment.”
Through this integration, ClosingCorp’s proprietary data is directly incorporated into Savana’s Loan Origination Studio, allowing loan officers to produce compliant loan estimates backed by the ClosingCorp Guarantee and provide consumers with the best and most comprehensive information about the total cost of the transaction.
“ClosingCorp has helped us complete one of the most critical pieces to our TRID solution: the integration of the best possible data to populate the Loan Estimate," said Christina Randolph, product manager at Savana, Inc. "The ability for our clients to quickly access and accurately quote multiple fees from a range of service providers in real-time is essential to streamlining the application disclosure process in this new compliance environment,” “Once user acceptance testing is complete, our clients will be ready to generate the new integrated disclosures ahead of the CFPB’s October 2015 effective date.”