Integration Automates The GFE

*Integration Automates The GFE*
**By Tony Garritano**

TonyG***Last week I told you about an interesting integration between Byte and Optimal Blue. If the mortgage process is ever to be fully automated, lenders are going to have to lean on best-in-class technology providers that act in unison. So, today I’ve heard of another integration that I think is worthy of sharing with you. Cogent Road has completed the integration of its Roohmz Enterprise Loan Production System with the SmartGFE service from ClosingCorp. Here’s the scoop:

****SmartGFE provides loan officers with automated access to state, county and city-specific service providers, whose fees then populate the Good Faith Estimate (GFE) and Service Provider List, required as part of an applicant’s mortgage loan transaction. It incorporates closing cost data generated from more than 12,000 real estate service providers, including title and settlement rates, inspection fees, as well as state and county recording fees and transfer taxes. Loan officers can have their own preferred service providers added to the SmartGFE database as well. Using SmartGFE eliminates the need to maintain templates and tables and also helps ensure that the GFE meets the more stringent RESPA tolerance requirements issued in 2010.

****The Roohmz workflow management system provides its users with a unique, dual-purpose integration of SmartGFE. Unlike a typical system-to-system interaction, Roohmz created two SmartGFE workflow events that can be added to any loan production workflow. When the first SmartGFE event is reached during loan production, the user selects desired service providers, along with their fees, which are then imported into the loan file. Later in the workflow, a second SmartGFE event allows verification of existing fees and the addition of new service providers. By incorporating SmartGFE directly into the Roohmz workflow engine, loan fees are imported and verified at consistent times during each loan’s production.

****“Integrating SmartGFE directly into the workflow engine is a major enhancement for lenders using Roohmz Enterprise,” said William DiPaolo, President and CEO of Cogent Road. “Roohmz is designed to make loan production fast, easy and consistent. Now users can drag our two SmartGFE workflow events into loan specific milestones to ensure difficult to source fees are added instantly and accurately in every loan. Since Roohmz also produces the loan documents, no additional data entry is required.”

****SmartGFE automatically uploads a certificate of compliance directly into Roohmz, which documents that the GFE data is backed by the ClosingCorp Compliance Guarantee. SmartGFE also provides a date/time stamped audit trail to detail the cost-related actions that have occurred during the loan transaction.

****“Our goal with SmartGFE was to develop a system to deliver accurate and timely information for a more efficient loan transaction, which benefits both the lender and the borrower,” said Cathy Blaszyk, vice president of national account sales at ClosingCorp. “This integration with Roohmz is an ideal example of two service providers working together to provide their users with an even greater range of benefits.”

****Roohmz ensures loans are underwritten accurately every time, significantly reducing the risk of loan buybacks. It keeps every loan in compliance with Reg B, Reg Z and RESPA, and automatically delivers adverse notices when necessary. The technology application provides workflow automation, paperless origination, complete with e-signing and automatic assembly of loan packages to investors.