RamQuest Provides Direct Access to HUD–1 Online
|October 10, 2006|
Closing Market™ digital marketplace allows easy access from the desktop
RamQuest Software, Inc.
Plano, TX, — RamQuest Software, Inc., a recognized leader in the land title software industry, has announced the availability of its interface with the Digital Docs, Inc. HUD–1 Online, an interactive HUD that automates the real estate closing process by allowing electronic collaboration between lender and title agent. The interface between RamQuest’s Closing Market™ and the HUD–1 Online provides title professionals and lenders direct and easy access to each other’s data from within their own applications.
Closing Market™ is a digital marketplace that offers a central point of software integration to a wide range of industry players. RamQuest provides the business-to-business direct integrations for partners trading services through the network.
The interface enables lenders and title agents to review, update, and finalize the same HUD–1 form, which results in accurate and expedient funding of the loan. The HUD–1 Online is populated with loan data directly from the lender’s origination system. No re-keying of information is necessary, which minimizes processing time and reduces the possibility of errors. Title and closing companies using RamQuest’s Complete Closing™, a comprehensive system for title and escrow production, can access this interactive HUD from their desktop, within their own application.
Parties will continue to use their own disbursement processes, but the integration through Closing Market™ gives instant access to lender fees and other pertinent data. Lenders and title agents can input, review, and approve fees, but cannot change one another’s data.
Lori Stacy, Chief Knowledge Officer for of Digital Docs, Inc., says the integration through the Closing Market™ network is helping lenders to get loans funded quickly and accurately. She says the integration “makes the closing process for all parties more efficient.”
Mark Holley, Associate Vice President with RamQuest said, “Closing Market™ is enabling collaboration between business partners and providing real-time visibility to the closing process. This integration is one in a series that’s giving network participants access to each other’s information. Everyone involved in a transaction benefits from a way to optimize the process.”