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ClosingCorp Amps Up RESPA Compliance
Apr 16, 2013

ClosingCorp has announced the launch of its newest solution, SmartOrder. San Diego, Calif.- based CalCon Mutual is already experiencing the efficiency benefits of the technology, which for the first time allows mortgage lenders to order real estate services online that include verified prices tied to the Good Faith Estimate (GFE). By eliminating price discrepancies between GFE quotes and final service costs, lenders improve RESPA compliance while expediting processes. “For lenders, the disconnected pricing and ordering systems currently employed by much of the industry have made it extremely difficult to remain RESPA compliant,” said Tim Armbruster, chief technology officer and senior vice president of ClosingCorp. “Rates that are accurately quoted on the GFE might not match the actual service fee, which is often determined independently at the time of the order and can change throughout a loan lifecycle.” SmartOrder connects lenders to their preferred vendors as well as more than 12,000 service providers from ClosingCorp’s nationwide database that includes 30 categories, such as title and settlement, home and pest inspection, appraisal management and natural hazard disclosures. SmartOrder eliminates the disparate systems traditionally used for receiving quotes and ordering related services, which commonly resulted in significant price inconsistencies. Orders sent to service providers through SmartOrder include GFE quotes, and any fee change from the provider is continually updated in ClosingCorp’s SmartGFE, which lenders already access for closing cost data. “Previously, we had to switch from one system to another to view prices and then place actual orders,” said Shane Erskine, chief operating officer of CalCon Mutual. “We pride ourselves on offering customers unrivaled service, and SmartOrder helps us live up to that standard by enabling us to provide accurate rates and conveniently order services to deliver the most expedient, pleasant customer experience possible.” SmartOrder is cost-free to lenders and interfaces seamlessly with their established workflow, streamlining ordering without creating any business disruptions. The verified price delivered is consistent with the price disclosed on a good faith estimate (GFE) as well as the price provided on the final HUD-1 document at settlement.
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