States Title Uses Machine Intelligence to Eliminate Human Review of Closing Documents

September 17, 2020

States Title has released a product to help lenders save time in completing the loan closing process. Rather than relying on escrow employees to manually review closing disclosure documents and “stare and compare” to verify data and fees, the company said Instant Closing Disclosure uses data science to automatically deliver accurate settlement statements. 

In a release, States Title said Instant Closing Disclosure enables lenders to get settlement statements back from escrow officers in as little as one minute, versus hours or days. According to States Title, the company is eliminating the manual, error-prone work done by the closing agent, as fees are automatically reconciled from the lender’s closing disclosure into its title production system with no file re-formatting needed. This latest innovation, leveraging the power of machine intelligence, is part of States Title’s mission to create an instant mortgage closing experience for lenders and consumers. 

“The conventional closing process costs too much, takes too long and is too confusing,” said Max Simkoff, CEO of States Title. “Especially now, when millions of homeowners are looking to refinance their mortgages and loan volume is extraordinarily high, States Title can help lenders close loans more quickly at a lower cost. We remain laser focused on our vision of creating an instant closing experience, and this new product brings us another step closer. Instant Closing Disclosure eliminates manual processes and reduces touch points, while ensuring high standards of accuracy, improving the experience for both lenders and consumers.” 

Key features of the Instant Closing Disclosure include: 

  • Document Parsing: the technology automatically extracts and interprets unstructured information from closing disclosure documents (this step is optional if the lender would prefer to exchange fee level data via an integration).
  • Natural Language Comprehension: the algorithm adapts to all variations of wording used by all lender customers to describe the 30+ different types of possible fees, reads them with the expertise of a human title professional, and corrects any typographic errors.
  • Fee Reconciliation: automatically reconciles fees after data is extracted and interpreted, eliminating human error. 
  • Discrepancy Identification: the service runs an automatic quality check on the closing disclosure and notifies the lender of potential issues.
  • Closing Disclosure Generation: automatically sends the settlement statement or structured fees back to the lender.
  • Agnostic Integration: Instant Closing Disclosure is an agnostic solution that lets the lender work within their preferred platform. It directly integrates into the lender’s workflow without any changes. 

“At Home Point, our goal is to provide customers with a mortgage experience that is simple, straightforward, data-driven, and can be completed quickly – in accordance with their expectations,” said Willie Newman, president and CEO of Home Point Financial. “Instant Closing Disclosure, along with Instant Underwriting and States Title’s service model, are helping to make that a reality in a space that’s been long overdue for innovation.” 

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