has announced that it has enhanced its Post Closing service to help lenders automate the return of trailing loan documents. This new service is designed to save lenders time on final Closing Disclosure (CD) reconciliation, eliminate time-consuming post-closing document management tasks, and provide a complete audit trail to reduce regulatory risk.
Using its e-recording network of active settlement agents, Simplifile automates the return of recorded documents, final recording fees and transfer taxes that match the loans in a lender’s post-closing pipeline.
Simplifile can also automate the request for final title policy or any other trailing documents. Lenders using Simplifile’s Post Closing service are automatically receiving recorded documents and fees for nearly half of their loans, with 50 percent being returned within 48 hours and 90 percent within a week of the loan closing.
“Post-closing workflow continues to be a pain point for many lenders, as the consequences of submitting incomplete loan files to regulators and investors can be severe,” said Simplifile President Paul Clifford. “With more than 17,000 settlement agents utilizing our network to e-record in more than 1,750 counties, Simplifile is in a unique position to solve this very real issue for lenders by, in essence, providing the auto-return trailing docs and final recording fees and transfer taxes for loans closed across 80 percent of the population.”