have announced a partnership to provide DocMagic’s SmartCLOSE through the KeyStoneB2B platform, enabling lenders and settlement service agents using the KeyStoneB2B platform to connect seamlessly to SmartCLOSE. DocMagic’s SmartCLOSE is a central portal for sharing and collaborating on documents, data and fees.
“Loan information changes on a moment to moment basis, and without a central system of record, lender compliance relies on multiple parties involved in the transaction, and their ability to proactively connect with each other to reconcile data, fees and information,” said Dominic Iannitti, Chief Executive Officer of DocMagic. “With the amount of detail and the number of people involved, it’s almost impossible to achieve completely accurate and consistent information unless there’s a single system of record.”
SmartCLOSE can be used to generate and deliver GSE-certified UCD (Uniform Closing Dataset)-compliant files to Fannie Mae and Freddie Mac, prior to the GSEs’ June deadline. According to an announcement by Fannie Mae and Freddie Mac, file submissions that are not UCD-compliant no longer result in a warning, but rather will be escalated to critical or fatal severity and not be accepted in either GSEs’ delivery system as of June 25, 2018.
“Now that our lender customers have seamless access to SmartCLOSE, they and their settlement service providers can establish an accurate, always-updated single system of record, which will save them a lot of time and prevent a lot of potentially costly errors and inconsistencies,” said James V. Luisi, Chief Information Officer and Chief Technology Officer for KeyStoneB2B. “Plus, they benefit from a host of other features, not the least of which is compliance with the GSEs’ UCD mandate prior to its June deadline.”