ClosingCorp has announced that the company has enhanced its SmartGFE service offering for wholesale lenders with improved workflow between wholesale lenders and mortgage brokers, giving lenders more flexibility to manage activities according to their unique business rules and processes. Lenders can setup, update and remove accounts, define security restrictions and transfer ownership of loan files along with many other tasks within the SmartGFE interface. Additionally, the SmartGFE Service now supports custom reporting for broker activities, enabling wholesale lenders to obtain vital details and evaluate the performance of each broker in their network.
“The wholesale lending landscape has changed dramatically during the past year as several large banks have exited the market,” said Cathy Blaszyk, vice president of lender services for ClosingCorp. “As regulatory compliance burdens grow, the enhanced SmartGFE Service for wholesale lenders provides assurance that their network of independent mortgage brokers disclose accurate costs on GFEs upfront, mitigating their third-party loan risk and eliminating tolerance violations.”
The SmartGFE Service provides lenders immediate access to RESPA-compliant GFE data, delivering live rates for local and national real estate closing services, as well as transfer taxes and recording fees. Wholesale lenders leveraging the solution maintain the SmartGFE license and can offer the service to mortgage brokers at no charge and without incurring any additional licensing fees.
Wholesale lenders can provide their mortgage brokers access to the SmartGFE data via a secured, private-labeled portal, while maintaining control over the loan files and reaping the benefits of SmartGFE’s comprehensive audit trail and compliance guarantee. Mortgage brokers benefit from improved operational efficiency, files accepted faster and the ability to disclose fees from their local preferred providers.