Sierra Pacific Mortgage, one of the nation’s leading private lenders, has selected Simplifile as its strategic partner and TRID solution provider, taking the next steps in meeting compliance requirements for the CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule, which will take effect October 3. Here’s why this partnership is so successful:
“Collaboration with closing agents is crucial to deliver accurate Closing Disclosures in a timely manner. Having this ability through Simplifile’s collaboration service promotes not only compliance but also good customer service,” said Jim Connell, Chief Information Officer at Sierra Pacific Mortgage. “Simplifile is a well-designed solution with a clean interface that follows the Closing Disclosure (CD) format and will be easy for our staff to use. Simplifile also has a large market share that most settlement agents are already familiar with and have integrated into their platform. This was a real differentiator as we feel it will drive adoption of our process with numerous settlement agents across the country.”
Simplifile’s suite of services including Collaboration, E-recording, and Post Closing will enable Sierra Pacific and its network of settlement agents nationwide to securely share, validate, audit, track, record, and collaborate on loan documents, data, and fees to ensure compliance.
“Simplifile has demonstrated an excellent vision for their platform and the talent to execute it. They have been responsive in listening to input from lenders and adapting their platform to create a better product,” Connell said. “We view Simplifile as a strategic partner.”
Simplifile also enables lenders to share changes, updates, deficiencies, and statuses with their settlement agents in one system, facilitating a fully auditable, more transparent process from loan application to recording to final title policy delivery.
“Simplifile’s integration also allows source data to be passed between our loan origination system (LOS) and the settlement agent’s platform, promoting data integrity,” Connell added.
Simplifile Collaboration and Post Closing are both free services to settlement agents. Interested agents can register online at simplifile.com/capc-registration/.
“It’s a good feeling to know that we are TRID-ready and that we can help make this transition to meeting the new regulations just a little bit easier for our lenders and settlement agents,” said Paul Clifford, president of Simplifile.
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, already use Simplifile to e-record documents in more than 1,275 counties nationwide. With the addition of its Collaboration and Post Closing services, Simplifile has revolutionized the online real estate transaction.
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.