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ClosingCorp has announced the release of the Lumen Risk Management Suite (LumenRMS). Optimized to help lenders meet the challenges of the August 2015 closing disclosure changes, LumenRMS offers a holistic approach to managing future closing processes.
LumenRMS features five unique modules that together create a comprehensive end-to-end solution to simplify and streamline the closing process for lenders. The suite incorporates data directly from a loan file and augments it with proprietary ClosingCorp data from a national service provider repository and county property data. This data, along with lender-specific business rules outlining requirements and preferred providers, is fed into proprietary algorithms to help ensure RESPA compliance. Users are able to ensure that compliant and accurate closing data feeds directly into Good Faith Estimates (GFEs)/Loan Estimate Documents (LEDs) and their final Closing Disclosure. LumenRMS also provides lenders with the ability to educate prospective homeowners on approximate closing costs prior to mortgage qualification with the most accurate information available in the industry.
LumenRMS modules include:
►PreQual Estimate: Early stage closing cost scenario estimates based on a specific ZIP code or property address, as well as transaction type, purchase price and loan amount data allowing lenders to provide homebuyers with more refined closing costs prior to formally taking an application.
►Loan Closing Cost Estimate: Provides a guarantee-backed quote based on actual rates and fees from ClosingCorp’s network of nearly 20,000 service providers, including appraisers, title and settlement services, owner’s title insurance, government recording fees and transfer taxes as charged by state and local governments.
►Integrated Order Management: Provides lenders with the ability to submit, accept and monitor closing- related services online with status updates, appointment scheduling and electronic data delivery.
►Closing Disclosure Data: Enables lenders to deliver guaranteed rate and fee data seamlessly into the final closing disclosure.
►Data-Driven Analytics: Provides lenders with market trends, such as state or market closing cost rankings and other actionable information using the nation’s largest closing intelligence database.
Used in conjunction with the ClosingCorp Closing Calculator, which provides the industry’s most accurate snapshot of potential closing costs, LumenRMS offers a comprehensive suite of solutions to improve efficiencies and mitigate third-party risk.
“By now, virtually everyone knows about the changes coming to the disclosure process as of Aug. 1st this year, though many are still struggling with how to address those changes,” said Brian Benson, CEO of ClosingCorp. “LumenRMS will not only ensure that lenders are providing the most accurate information available to meet regulatory needs, but will drive significant workflow efficiencies as well. Our enormous provider network and unique, powerful platform-agnostic information repository helps enable lenders to quote, order and close in a way that provides true transparency and effectively manages third-party risk.”