Since 2000, Simplifile has helped its network of more than 17,000 settlement agents and 1,400 counties to save time and money with its e-recording service.
With last year’s TILA-RESPA Integrated Disclosure requiring settlement agents and lenders to work more closely, the company saw another way to help its settlement agent clients – with secure electronic collaboration services.
Collaboration between lenders and settlement agents by traditional methods like email and phone calls doesn’t always provide for a scalable experience. They can leave both parties open to time-consuming mistakes and miscommunication. Plus, TRID requirements mean it’s crucial to have a verifiable audit trail for every loan transaction.
Simplifile Collaboration and Post Closing not only eliminate the security and efficiency issues inherent in manual transactions, they provide an encrypted, detailed audit trail for every communication, change, payment and more.
TO TRID AND BEYOND
According to Simplifile, working in one platform virtually eliminates the challenges inherent in doing business via email and phone calls: fee confusion, security holes, timing inefficiencies and lack of defensibility.
Their collaboration service offers real-time communication and full transparency into the processes of lenders and settlement agents, right down to the fee level.
Plus, with MISMO 3.3.x and Uniform Closing Dataset XML built into Simplifile’s core, users are well prepared for 2017 UCD delivery requirements.
“Even if TRID compliance isn’t your organization’s biggest concern, you’re likely thinking about how to improve security, reduce costs and create efficiency,” said Nancy Alley, vice president of strategic planning at Simplifile.
“With Simplifile’s Collaboration and Post Closing, you’ll have peace of mind knowing your employees are working within a secure system and reducing errors and setbacks on pre- and post-closing documentation. Meanwhile, you’ll reduce the need for extra personnel to handle new guidance.
THE GAME CHANGER
Where Simplifile stands out is its critical Post Closing service. Because settlement agents also use Simplifile to submit final documentation to counties for e-recording, all parties are immediately notified when recording happens, or if there are any rejections that could slow things down.
That means lenders receive the recorded documents, final fees, and final title policy right away.
“There’s a gap for many lenders when it comes to having the post-closing documentation,” Alley said. “We’re the only service able to close that gap within one simple and secure platform.”