ClosingCorp Adds New Features and Service Categories to its SmartGFE Service
October 28, 2010
Several important new features in ClosingCorp's SmartGFE service will go live on Thursday, Oct. 28.
SmartGFE enables loan originators to create RESPA-compliant GFEs using real-time data from local/regional and national providers. SmartGFE's live rates for GFE Blocks 4-8 are integrated with leading LOS platforms, Calyx Point 7.2 and Ellie Mae Encompass360, with more integrations underway. Select Top Ten lenders use SmartGFE for seamless access to accurate data so their LOs can create GFEs quickly and efficiently.
An important new feature is SmartMonitor, which will automatically notify LOs if transfer taxes or recording fees trigger a “changed circumstance” prior to closing so that a new GFE can be issued. Other new features will enable users to auto-select Fannie Mae required title endorsements, and search for open files by GFE file ID, loan number or property address. An audit tracking feature will enable users to easily identify changes made to a file and the individual(s) who made those changes.
“SmartGFE is the most comprehensive database service, with vendors and live rates covering all 50 states, available to loan originators today,” said ClosingCorp CEO Anthony Farwell. “What’s more, we are so confident in the accuracy of our data that we provide a compliance guarantee. If any selected data from our service causes a tolerance violation, we pay the difference."
The expansion of the SmartGFE service categories includes environmental safety inspection companies and live rates for asbestos, lead, mold, radon, septic and water quality, as well as “green” categories such as thermal and EIFS inspections, and energy audit/weatherization.
Other new categories include companies and live rates for flood insurance, homeowner's insurance, structural engineering, chimney and roof inspection, underground storage tank inspection, water quality/well inspection, plumbing inspection, HVAC inspection, pool and spa inspection, AMCs, 203K consultants, and homebuyer counseling.
SmartGFE’s core categories cover title insurance, escrow/settlement, closing attorneys, home inspections, pest inspections, home warranty, land surveys, geotechnical engineering and notary services. The SmartGFE service includes transfer taxes, recording fees, property characteristics, and property taxes.