ClosingCorp has announced that it has enhanced its DART technology, enabling title and settlement professionals to use the service for more loan and property types, as well as lien positions. DART, which provides guaranteed recording fee and transfer tax information for any residence in the nation, can now be used for non-FHA and FHA reverse mortgages (e.g., Home Equity Conversion Mortgages) and construction-to-permanent loans for both purchase and refinance scenarios. Title and settlement professionals can also obtain data from DART for manufactured and cooperative housing property types as well as additional lien positions, including first and second concurrent mortgages and stand-alone second mortgages.
“By expanding the types of loans and properties for which DART can be used, users now have a comprehensive tool to efficiently gather the data needed to accurately complete the mortgage process,” said John Lortscher, director of data management at ClosingCorp. “Accurate data is at the very foundation of every successful transaction, and it is nearly impossible to efficiently obtain without an application such as DART. The more accurate the information, the greater the likelihood the loan will close on time without any surprises.”
Introduced in December 2011, DART is available in both web services and browser-based implementations. Tax questions, documents and data results change dynamically based on a user’s selections, providing a customized, intuitive workflow. With more than 4,000 recorder offices and tax jurisdictions and over 80,000 related taxes, fees, customs, rules and regulations, it is crucial for title and settlement professionals to have an automated system to provide timely, accurate recording fees, transfer taxes and filing instructions.