ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced the launch of a new tool that enables lenders to provide borrowers with realistic closing cost estimates in real-time.
The new program, Lumen Snapshot, uses pre-calculated median closing cost data based on geographic area and loan scenario to deliver closing cost estimates to consumers in seconds, at any point during the “shopping” or pre-qualification states of getting a loan.
Additionally, Lumen Snapshot can be used to help determine loan program suitability and as a quality assurance tool pre- and post-close, ClosingCorp said in a release.
According to ClosingCorp, Lumen Snapshot is based on a database that is powered by the company’s proprietary repository of fully managed, vendor-verified rates and fees from nearly 20,000 unique real estate service providers across the nation.
In a release, ClosingCorp said that Lumen Snapshot can be integrated into lenders’ consumer direct websites, loan calculators, product and pricing engines and loan origination systems to better educate borrowers and potentially increase loan pull-through rates.
“Lumen Snapshot is designed to help lenders engage and inform prospects in the early stages of a mortgage decision, said Brian Benson, chief executive officer at ClosingCorp.
“It can enhance the functionality of consumer direct channels and increase the effectiveness and credibility of retail LO presentations,” Benson added.
“Moving the conversation about closing costs up earlier in the sales cycle will potentially improve the quality of lead conversion rates and customer satisfaction,” Benson concluded. “Using our unique database built from a nationwide inventory of actual rates and fees as a foundation also demonstrates a lender’s commitment to the principles of ‘Know Before You Owe’ to regulators and auditors.”