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Mortgage Builder has announced its new Closing Conduit module. Closing Conduit is offered as an add on module to the Mortgage Builder Loan Origination System (LOS) and can significantly improve the collaborative process between lenders, settlement agents and other third-parties as they finalize closing disclosures. Home closings are more efficient because loan originators do not need to exit the Mortgage Builder LOS as disclosures are finalized and more accurate because data is shared electronically. Closing Conduit can also help lenders, title companies and other parties involved in the closing process to comply with CFPB regulations by maintaining an audit log of the settlement-related transactions including comments shared between participants.
"Mortgage Builder's Closing Conduit allows us to close loans more efficiently and with fewer errors," said Amber Horton, operations manager at Cornerstone Mortgage. "Closers, title companies and settlement agents can easily share and review fees which has allowed us to significantly reduce the time to close loans and deliver more accurate closing disclosures to borrowers."
"The release of Closing Conduit continues to reinforce the investment Altisource is making in Mortgage Builder's products and services," said Lawrence E. Alston, general manager at Mortgage Builder. "We have received great feedback from our beta customers that Closing Conduit is helping them close more loans because they can close them faster and more accurately."
"The Closing Conduit within Mortgage Builder significantly helped streamline the collaboration process between the Closing Department and attorneys," said Tony Fox, director of integrations and technology for 1st Priority Mortgage. "The solution provides us with a fast, efficient and user-friendly means of interfacing with our external business partners."