Further proving that electronic collaboration is the future of mortgage lending, Country Bank, a Massachusetts-based mutual savings bank with over $1.4 billion in assets, has chosen Simplifile as its TILA-RESPA Integrated Disclosures (TRID) collaboration solution. “One of the biggest issues with TRID will be how lenders and settlement agents will communicate changes to various documents on a timely basis,” said Country Bank Loan Servicing Officer Robert Olivier. “Simplifile’s Collaboration and Post Closing portal provides the ideal solution for us to collaborate on these changes to meet the required timeframes. It’s extremely well-designed and easy to use, which is a huge benefit for both our staff as well as our settlement agents.”
Simplifile’s suite of services including Collaboration, E-recording, and Post Closing will connect Country Bank to its settlement agents and allow both parties to securely share, validate, audit, track, record, and collaborate on loan documents, data, and fees to ensure compliance.
“We already partnered with Simplifile on their e-recording solution for our servicing needs,” Olivier added. “We were very pleased with the increase in efficiencies we achieved using that product and the support that Simplifile provided to us. They have been very responsive to our needs and are committed to making sure that the Collaboration and Post Closing portal will help ensure that Country Bank is in compliance with the TRID regulations.”
Through Simplifile, Country Bank will also have the ability to share changes, updates, deficiencies, and statuses with their settlement agents in one system, facilitating a fully auditable, more transparent process from loan application through automated delivery of the final title policy.
Simplifile Collaboration and Post Closing are both free services to settlement agents.
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.