Some of the challenges that lenders face these days include the fact that there is increased accountability with the new regulatory landscape present in mortgage lending today. This accountability starts long before the actual closing. Lenders today have to manage data, documents and communications. Here’s one solution to these mounting issues:
In order to achieve ironclad compliance and profitability, lenders have to drive new processes, but they need other parties to come along. For example, there are a lot of disparate systems and processes that lenders have to manage. Trailing documents continue to be a pain point, as well.
The answer to these and many other industry problems is to connect lenders and closing agents in a truly collaborative manner. A company called Simplifile – long known for its dominance in the e-recording sector – has expanded its network to connect lenders to its nexus of closing agents, and counties.
Over 17,000 closing agents and settlement companies are on the Simplifile network. In total, over 9 million transactions go through the system annually. Also, the Simplifile network has coverage of over 70% of population from the counties. At present, 25 title closing systems and 93 land record systems are integrated with Simplifile.
This powerful, agnostic and independent network already provides vast and deep relationships with closing agents and can now be leveraged by lenders to deliver critical collaboration (communication tools, document sharing, fee data sharing, notifications & alerts and audit trails) and post close tracking (recording and transfer tax fee estimates, recording status, estimated recording times, and electronic return of recorded documents and final title policy).
If lenders are going to move forward and advance, while being compliant and profitable at the same time, fixing broken processes with new industry collaboration will be the mortgage industry’s saving grace.
About The Author
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.