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ClosingCorp has announced that it has launched Lumen Snapshot, a new tool that enables lenders to provide prospective borrowers with realistic closing cost data in real-time during the “shopping” and/or pre-qualification stages of getting a loan. Additionally, Lumen Snapshot can be used to help determine loan program suitability and as a quality assurance tool pre- and post-close.
Lumen Snapshot uses pre-calculated median closing cost data based on geographic area and loan scenario to deliver estimates to consumers in seconds. The database is powered by the company’s proprietary repository of fully managed, vendor-verified rates and fees from nearly 20,000 unique real estate service providers across the nation. As an API, the solution can be integrated into lenders’ consumer direct Web sites, loan calculators, product and pricing engines and loan origination systems to better educate borrowers and increase loan pull-through rates.
“Lumen Snapshot is designed to help lenders engage and inform prospects in the early stages of a mortgage decision. It can enhance the functionality of consumer direct channels and increase the effectiveness and credibility of retail LO presentations,” said Brian Benson, chief executive officer at ClosingCorp. “Moving the conversation about closing costs up earlier in the sales cycle will potentially improve the quality of lead conversion rates and customer satisfaction. Using our unique database built from a nationwide inventory of actual rates and fees as a foundation also demonstrates a lender’s commitment to the principles of ‘Know Before You Owe’ to regulators and auditors.”