Whitepaper: Automating Your Closing Process with the Latest Technology
“Change is the law of life and those who look only to the past or present are certain to miss the future.” - John F Kennedy
The residential mortgage market is an intensely competitive market. With the rising cost of TRID and other regulatory compliance issues it can average 4 hours per loan longer to process then it did a year ago. This additional time is unsustainable as we get into higher volume months and will hurt the profitability in the industry. This is where automating your closing process with the latest technology can help reduce this issue.
The dilemma is how to be competitive in such an aggressive market and remain profitable in a post-TRID world.
Easysoft Legal Software understands this challenge by providing the latest Real Estate Closing Solutions that help modernize real estate closing by improving cost efficiencies which can help eliminate the significant rework linked to mistakes made using traditional paper-based closing.
Our latest technology offers advantages that include productivity, control, accurate fees, short ordering and delivery keeping your business running efficient. Below is an overview on how our solutions provide advantages that can help improve your business process.
By providing an online environment to handle the process, a system has been designed to significantly improve turnaround in the paper-intensive process. Enhancements to disclosure preparation now offer ways to provide automatic tax calculation, faster closings and one-click electronic 1099-S filing.
Ability to collaborate between credit unions and attorneys allow:
- Efficiency and productivity
- Secure delivery – everything all in one place
Parties can communicate and verify information about the property, payout figures, balances and payment directions, which dramatically increase the probability for matters to close the first time.
TRID closing has increased operations by up to 30%. This is as a result of many additional checks and steps to the process.
With the ability to automate the process this will in turn give lawyers the capacity to be more efficient and productive.
Transactions will be completed online. This means you will no longer have to rely on your phone or fax to complete a transaction. Now communications, data and documents for the transaction will reside in a single, secure location.
By providing accurate fees early on in the process in proper UCD format, title and lenders can sharply reduce the time spent on each loan.
By providing accurate fees early on in the process in proper UCD format, title and lenders can sharply reduce the time spent on each loan. The early disclosure of closing fees is particularly important, as discrepancies on closing fees can be very costly for companies. With the result of accurate fees here are 3 ways that it can add value to your business.
- Reduced cost of missed tolerances: Most of the fees on the loan estimate form need to be within 10% of the final amounts on the closing disclosure. Transfer taxes have a 0% tolerance as they need to be exact. Any variance in these fees beyond the allowed tolerances is typically 'eaten' by the lender or title agent. By utilizing LodeStar's fee which is guaranteed to be accurate, the risk and cost of missed tolerances can be mitigated.
- Time savings: In many cases, fee quotes are manually generated by lenders, credit union and title agents. This can take up 10-15 minutes per file without even knowing if it will become an actual order. By automating the fee quoting process, quotes are now generated in under a minute.
- Easy re-disclosures of fees: If any information changes between the loan estimate and closing disclosure (i.e. loan amount, purchase price), the fees can be easily re-quoted, re- disclosed and imported into EasyCDF.
Secure ordering and delivery
Banks spend millions of dollars to be compliant, but have little to no control over their partners in a transaction. Cybersecurity is becoming a huge issue in the industry. In the typical transaction, hundreds to thousands of dollars change hands and sensitive information like social security numbers and bank account info are sent back and forth. Our solution ensures that all this data is exchanged in a secure manner.
Easy operation and storage of documents
Single platform mitigates security risk to lenders and credit unions that typically work with several different title agents who charge different fees. These can all be quoted from a single system and imported into EasyCDF. Through ClosingBridge, all title agents and other parties in the transaction can collaborate securely on the preparation of closing documents.
At Easysoft, we encourage you to see this as an opportunity to create a more profitable business, with happier staff and more satisfied clients and referrers.