Hollywood, Fla.-based ClosingCorp announced the launch of its newest solution, SmartOrder, which allows mortgage lenders to order real estate services online.
The company provides residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers.
The new solution eliminates price discrepancies between good faith estimate quotes and final service costs, improving lenders Real Estate Settlement Procedures Act compliance while expediting processes.
SmartOrder connects lenders to vendors and more than 12,000 service providers from ClosingCorp’s database.
“For lenders, the disconnected pricing and ordering systems currently employed by much of the industry have made it extremely difficult to remain RESPA compliant,” said Tim Armbruster, chief technology officer and senior vice president of ClosingCorp.
He explained, “Rates that are accurately quoted on the GFE might not match the actual service fee, which is often determined independently at the time of the order and can change throughout a loan lifecycle.”