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Secure Insight, the brand name of Secure Settlements Inc., has announced a new enhancement to its Closing Guard tool. Beginning Oct. 15, all Secure Insight clients will be able to access settlement agent license details on the Closing Agent Search Engine results page. This enhancement provides lenders with agent license numbers by state and profession, so that they may populate the new Closing Disclosure with that information for compliance purposes.
Lenders generally do not have access to this data, although Secure Insight has been collecting the data from thousands of agents nationwide for the past four years. As a result of the new TRID effective industrywide, lenders must deliver a properly completed, full disclosure closing statement to borrowers three days prior to the closing date. The form requires lenders to disclose, among other details, the settlement agents name, contact information and state licenses. Lenders have never been required to request and capture license data in the past.
“We are pleased to offer our lender clients access to this critical information, which we have been collecting and verifying on tens of thousands of attorneys, notaries, escrow officers and title agents nationwide since 2012,” said Secure Insight President Andrew Liput. “Our robust database, utilized by many lenders throughout the country, already offers comprehensive information and risk ratings for these professionals. By including license numbers in our search results we are now offering even greater assistance to lenders to help make the transition to TRID somewhat easier. This enhancement is only one of several we expect to announce between now and first quarter 2016 as we maintain our reputation as a thought leader in vendor management issues.”