Capsilon has released a free white paper, “The New Paradigm for Mortgage Loan Closing,” which discusses the effect that TRID has had on the mortgage closing process and provides advice to lenders on how they can speed time-to-close, eliminate errors, and contain costs under TRID by leveraging the right technology. Here are some highlights:
Since the TRID rule took effect on October 3, 2015, lenders have experienced lengthening time-to-close, increased labor costs, and difficulty collaborating effectively with settlement partners. Plus, a high percentage of loans contain TRID violations, which can lead to heavy fines and reluctance on the part of investors.
“The New Paradigm for Mortgage Loan Closing” highlights how technology can automate key steps in the closing workflow and give lenders control over the new closing process. With the right technology solution, lenders are able to securely collaborate with settlement partners to validate and finalize fees, automatically perform TRID tolerance checks, and speed the process of assembling and distributing final closing packages for electronic signatures. By leveraging automation, lenders are able to reduce labor costs, eliminate errors, and close compliant loans faster.
Capsilon provides cloud-based document and data management solutions that enable mortgage lenders, investors and servicers to increase productivity and lower costs, while ensuring compliance. The company’s flagship product, Capsilon DocVelocity®, is a document imaging and data capture platform built specifically to address the needs of large mortgage companies. Headquartered in San Francisco, Capsilon serves many of the mortgage industry’s most innovative companies, including two of the 10 largest residential mortgage lenders in the United States. For more information, visit www.capsilon.com.