*We Live In A Data-Centric World*
**By Tony Garritano**
***With all of the emphasis on loan quality and transparency, the GSEs are now mandating a more data-centric approach. This trend is just going to continue. Investors need complete visibility into each and every loan, and data makes that possible. To this end, vendors are stepping up to make it easier for lenders to embrace the data. For example, ClosingCorp, an independent, real estate closing cost data and technology company that develops online data services for mortgage lenders, real estate professionals and consumers, has launched DART, a data service that provides recording fee and transfer tax amounts for title and settlement professionals to use for closing transactions. Here’s the scoop:
****DART delivers access to accurate recording fee and transfer tax information for any address in the U.S., and reflects unique requirements based on geographic location. DART’s highly sophisticated data engine also calculates Buyer/Seller splits, commonly called “who pays” rules, and has a strength or confidence level based on collected data of statutory and customary practices by geographic location.
****“Since title and settlement agents ultimately pay and file recording fees and transfer taxes, having timely access to the most reliable data available is critical,” said Paul Mass, president of ClosingCorp. “ClosingCorp now represents the only true “sole source” provider of all actual closing cost data that title and settlement professionals need. This additional offering complements our complete line of data solutions, which includes everything from title and settlement fees, to home inspection, home warranty, and other “Block 6” fees. We are pleased to enter the market and provide a very competitive, alternative data source to title and settlements agents who depend on accurate recording fee and transfer tax amounts to close a residential real estate transaction.”
****ClosingCorp’s initial version of DART will deliver the recording fees and transfer tax information via web services, enabling title/settlement companies and real estate solutions providers to seamlessly integrate the data into their current workflow. ClosingCorp provides a DART API to facilitate easy implementation of the service. The data is returned via XML for use within the requesting application.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.