New regulation demands that lenders embrace a more efficient and seamless mortgage process. Savvy vendors realize this and they are stepping up to offer lenders a solution. For example, Complementary to its existing e-recording service, Simplifile has added two new services, Collaboration and Post Closing, to its online platform. With the addition of Collaboration and Post Closing, Simplifile now connects lenders, settlement agents, and counties, making electronic collaboration possible from loan application through final title policy delivery. Here’s why this is important:
“With the TILA-RESPA changes, being able to connect lenders to their settlement agents is more important than ever to get the fee collaboration and transaction details right. Thinking ahead to August 1, I can’t think how organizations would be able to remain compliant without electronic collaboration,” said Nancy Alley, vice president of strategic planning at Simplifile. “Our new services, Collaboration and Post Closing, were designed to deliver on the promise of a world where agents and lenders connect transparently.”
With new industry regulations and the CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule taking effect August 1, 2015, lenders and settlement agents can utilize Simplifile’s Collaboration and Post Closing services to securely share, validate, audit, track, and collaborate on documents, data, and fees to ensure compliance.
“Trailing documents continue to be an industry pain point,” Alley added. “Lenders need to know where the documents are and what has happened to them after closing. That is where Simplifile Post Closing comes into play and helps to solve some major problems that have existed in the industry for decades.”
The two new services are free to settlement agents, and interested parties can now register for Collaboration and Post Closing or attend webinars to learn about the new services at simplifile.com.
“The initial reaction when some folks hear about our new collaboration piece is that it seems a little strange because our core service has always been e-recording,” said Paul Clifford, president of Simplifile. “Without fail, it only takes a couple of seconds for them to reconsider and say, ‘oh, that actually makes a lot of sense.’ Simplifile is pervasive on the settlement end, so if a lender needs to connect to the settlement end of the business, who better to work with than those people who are already there.”
Since 2000, Simplifile has grown the nation’s largest e-recording network. Over 17,000 settlement companies, ranging from small independent agents and attorneys to large title offices, use Simplifile to e-record documents in over 1,235 counties nationwide.
“We’re at the advent of changing the way people work every day, providing them with information and data in real time that they have never had access to in the past, so that’s pretty exciting,” Clifford said.
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.