From SmartGFE to LumenRMS – We’re Ready.
To succeed in today’s competitive business environment, you not only need to work hard; you need to work smart. Smart means simplicity. Smart means guaranteed. Smart means savings.
ClosingCorp pioneered SmartGFE® nearly five years ago and since that time, it’s been a staple with lenders nationwide. LumenRMS, the new risk management suite will be the flagship product for the future of closing. LumenRMS is optimized to help lenders meet the challenges of the August 2015 closing disclosure changes and create a sustainable approach for the future. With ClosingCorp, you can be confident knowing that you are ready for the GFE’s of today and the LED’s of the future.
Imagine a world where good faith estimates no longer take hours to compile, put your business at risk of regulatory violations, or jeopardize your ability to close loans. Imagine no longer. Whether you’re a retail, correspondent or wholesale lender, ClosingCorp’s SmartGFE® delivers the accurate, reliable closing cost data you need to deliver superior client service while maximizing business efficiency and improving your bottom line. All accompanied by ClosingCorp’s Compliance Guarantee which can virtually eliminate any RESPA-related tolerance violations you may be experiencing due to inaccurate GFEs provided to mortgage applicants. The Compliance Guarantee will also allow you to do away with arbitrarily high, non-competitive GFE estimates for fear of paying tolerance violations.
|Benefits||Retail Lenders||Correspondent Lenders||Wholesale Lenders|
|Elimination of tolerance violations||x||x||x|
|Reduction in labor costs||x||x||x|
|Real-time alerts if recording fees or transfer taxes change||x||x||x|
|Audit trail for changes in circumstance||x||x||x|
|Technology platform integrations with RealEC Technologies®, Calyx Point®, Ellie Mae® Encompass360®, QuestSoft Compliance EAGLE℠, and other proprietary systems||x||x||x|
|Guaranteed RESPA Compliance for Blocks 3-8||x||x||x|
|Custom integration available||x||x||x|
|Loans that are easier to sell in the secondary market||x||x||x|
|Documented loan quality that’s easier for investors to assess||x||x||x|
|More control over third-party loan quality||x|
|Faster quality control assessment and faster file setup||x|
|Value-added service for broker clients||x|
SmartGFE is simple to use.
At ClosingCorp, we think getting accurate data for your GFEs should be simple. With most GFE solutions, however, it’s anything but. Manual entry requirements, multiple user inputs, and limited automation make for a complex, time-consuming and work-intensive process. All for data that’s anything but reliable.
Fortunately, with ClosingCorp this arduous process is now a thing of the past. Our SmartGFE® technology features extensive back-end automation, meaning that virtually no interaction is required from the user. SmartGFE integrates loan file data, census and county property data, and a lender’s business rules and requirements, all in a single, seamless process. All with one click, and all in less than a minute. And unlike other solutions, SmartGFE produces actual data, not estimates.
Of course, for those rare occasions when complete flexibility and manual input is a necessity, SmartGFE enables you to override the system rules to customize your experience. No technical degree required.
Best of all, SmartGFE® can be uniquely branded for your company and is integrated with RealEC® Technologies, Calyx Point®, Ellie Mae® Encompass360®, QuestSoft Compliance EAGLE℠ and other proprietary platforms.
So what does smart mean for your business? A simple process that saves you time, enhances your productivity, and improves the quality of your customers’ experience.
SmartGFE is guaranteed.
With ClosingCorp’s SmartGFE, gone are the days of having to worry about incurring a RESPA-tolerance violation every time you create a good faith estimate for a client. That’s because every GFE you create is populated with actual closing cost data that’s guaranteed to protect you from RESPA tolerance violations related to Blocks 3 though 8. And when we say guaranteed, we mean it.
That’s right. We’re so confident in the accuracy and reliability of SmartGFE® that if the fees obtained from it are not compliant with the applicable tolerance restrictions under RESPA regulations, ClosingCorp will cover the cost of the discrepancy (subject to the terms & conditions of its Compliance Guarantee).
That’s a guarantee you can rely on because only SmartGFE provides actual, vendor-verified rates for Blocks 3-8, including the ever-important recording fee and transfer tax data, thanks to the industry’s most sophisticated and comprehensive recording fee and transfer tax database, which is a proprietary ClosingCorp asset.
But that’s just the beginning. All relevant changes to a loan file are automatically captured, date stamped, and updated with appropriate fees based on every change in circumstance. That means you get the security of having a complete audit trail from GFE to HUD-1, and a Compliance Guarantee Certificate, which contains the audit trail.
So what does smart mean for your business? Being secure in the knowledge that you’re protected from costly RESPA tolerance violations, prepared for potential audits, and providing your clients with the most reliable, accurate data possible.
SmartGFE delivers savings.
Let’s face it. At the end of the day, the bottom line is your bottom line, and operational efficiency and cost containment are vital to the success of your business. Every dollar counts, so why not choose a GFE solution that helps you keep more of those dollars in your account?
SmartGFE® is the only solution that delivers actual closing costs on any residence in the United States. Actual data delivered directly to you means less time spent researching costs and creating GFEs, and it means you’ll virtually eliminate costly RESPA tolerance violations.
In other words, actual data means actual savings. Big savings. How big, exactly?
Potential Savings Using SmartGFE (10,000 GFEs/Year)
|Assumptions||Traditional GFE Preparation||GFE Preparation Using SmartGFE|
|Number of Good Faith Estimates (GFE) Per Year||10,000||10,000|
|Number of Mortgage Loans Closed Per Year||5,000||5,000|
|Hourly Labor Rate for a GFE Processor||$20||$20|
|Time Spent Creating a GFE||30 minutes||1 minute|
|Labor Cost to Create a GFE||$10||$0.33|
|Annual Labor Cost to Create 10,000 GFEs||$100,000||$3,300|
|Average RESPA Tolerance Violation Per Closed Loan||$75||$0|
|Total RESPA Tolerance Violations||$375,000||$0|
|Annual Savings with the SmartGFE||$471,700|
Based on ClosingCorp 2010 survey. Annual savings does not include cost of service, which varies based on volume.
So what does smart mean for your business? The ability to boost your bottom line by saving time, lowering costs, and increasing business efficiency.
SmartGFE data & report
SmartGFE® from ClosingCorp provides lenders with access to actual, vendor-verified rates for Blocks 3-8, a subset that includes critical recording fee and transfer tax data straight from the most comprehensive and reliable database in the industry.
|Block 3||Appraisal management companies|
|Block 4||Title and settlement services|
|Block 5||Owner’s title insurance|
|Block 6||Third-party real estate closing services required by the lender|
|Block 7||Government recording fees|
|Block 8||Transfer taxes charged by state and local governments|
For lenders needing to turn around a good faith estimate within 72 hours of receiving a loan application, the need for fast, accurate and reliable data for Blocks 3-8 is paramount.
GFE and HUD-1 ready
SmartGFE data is designed to flow seamlessly into your GFE and HUD-1 reports. And because of its sophisticated data mapping capabilities, the SmartGFE will quickly and easily accommodate the Consumer Financial Protection Bureau’s proposed disclosure changes whenever they occur.