Capsilon Corporation has announced that the newest version of its flaship product, Capsilon DocVelocity, has introduced the Capsilon DocVelocity Collaborative Closing Center, a secure electronic collaboration workspace that speeds the closing process by enabling lenders and their settlement partners to review, validate and finalize the fee data required to prepare compliant Closing Disclosures as required under TRID, and to seamlessly exchange and validate settlement documents. In addition, the Collaborative Closing Center provides lenders with automated tolerance checks to ensure TRID compliance.
The Capsilon DocVelocity Collaborative Closing Center is comprised of the following:
►The new Capsilon DocVelocity Settlement Workspace gives lenders greater control over the creation of the Closing Disclosure. Lenders are now able to receive closing documents directly into the appropriate DocVelocity electronic loan folder, collaborate securely with settlement agents to verify final fees and prepare the final Closing Disclosure, automatically assemble and send closing packages to borrowers to sign electronically and manage closings with settlement agents.
►The new Capsilon DocVelocity Settlement Agent Portal is accessed by a lender’s settlement agent partners to review fee-related documents and data to add and update fees and related information. The Settlement Agent Portal displays a full pipeline view of closing requests designated for the settlement agent from all lenders using the Capsilon DocVelocity Collaborative Closing Center.
►The new Fee Sheet is a visual display of fee information that is used to generate a Loan Estimate or Closing Disclosure. The Fee Sheet is a key component of both the Settlement Workspace and the Settlement Agent Portal. XML files delivered from a document preparation provider, fee service, or other systems can be used to populate the Fee Sheet, and data can be updated manually. Using the Fee Sheet, lenders have total control over the acceptance of fee data used to generate the Closing Disclosure. And, the Fee Sheet maintains a complete audit log of all fee changes.
►With the new Automated TRID Tolerance Check capabilities, lenders are able to track all versions of Loan Estimates and Closing Disclosures, calculate tolerance baselines, perform TRID tolerance checks and calculate possible costs to cure. DocVelocity maintains a complete history of all Loan Estimates and Closing Disclosures so users are able to quickly audit where and how baselines changed.
“Under TRID, lenders must take full responsibility for the Loan Estimate and Closing Disclosure, and effective, efficient communication with settlement partners is critical for a successful, timely closing,” said Sanjeev Malaney, chief executive officer of Capsilon Corporation. “The new Capsilon DocVelocity Collaborative Closing Center gives lenders the technology they need to collaborate with settlement partners on fees and to streamline the entire closing disclosure and settlement processes. This new version of DocVelocity delivers the automation lenders need to not only ensure compliance with TRID, but to ensure timely, accurate closings that increase borrower satisfaction.”
The Capsilon DocVelocity Collaborative Closing Center, part of the new version of Capsilon DocVelocity, will be available to customers later this month for an additional subscription fee. Customers should contact their Capsilon account manager for complete details.
