Oct. 2015 - Diversified We Stand, Divided We Fall

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TH E M R EP O RT | 11 ON THE WEB ClosingCorp & Savana Integrate Loan Technologies THE ALLIANCE WILL ALLOW LOAN OFFICERS TO CHURN OUT COMPLIANT LOAN ESTIMATES WHILE PROVIDING CONSUMERS WITH PITCH-PERFECT COST DATA. C losingCorp, Inc., recently an- nounced that its Loan Estimate Service is now integrated with Loan Origination Studio from Savana, Inc. Currently, ClosingCorp's Loan Estimate Service provides users with access to RESPA-compliant good faith estimate (GFE) data, audit trails, and a data guaran - tee, the company says. In addition, ClosingCorp provides fully managed, vendor-verified rates and fees from nearly 20,000 unique real estate service providers covering every geographic area in the nation. Beginning on October 3, it will be able to provide validated fee information to populate the new loan estimate (LE) mandated by the TILA-RESPA Integrated Disclosure (TRID) rule. "With new civil liability offering the threat of class-action lawsuits, how data is aggregated, calculated, formatted, and mapped—accurately, in a compliant way— under TRID is going to be a big challenge for lenders," said Brian Benson, CEO of ClosingCorp. "To be truly 'TRID-ready,' you need to be able to verify the upfront accuracy of the fees that are being quoted, and they also need to be 100 percent in sync with the fee-logic used to create the final closing disclosure, or you run the risk of being out of tolerance and causing delays at the closing table. Our propri - etary national data repository and neural knowledge base can not only uniquely help support compliance, but also increase productivity and time management in this highly volatile environment." Through this integration, ClosingCorp's proprietary data is directly incorporated into Savana's Loan Origination Studio, al - lowing loan officers to produce compliant loan estimates backed by the ClosingCorp guarantee and provide consumers with the best and most comprehensive information about the total cost of the transaction. "ClosingCorp has helped us complete one of the most critical pieces to our TRID solution: the integration of the best possible data to populate the loan estimate," said Christina Randolph, product manager at Savana, Inc. "The ability for our clients to quickly access and accurately quote multiple fees from a range of service pro- viders in real time is essential to streamlin- ing the application disclosure process in this new compliance environment." First American Launches TRID-Ready PredProtect Enhancements CUSTOMERS STAND TO BENEFIT FROM THE RECENTLY TWEAKED SYSTEM, WHICH INCLUDES A PASSEL OF UPDATES. F irst American Financial Corporation recently announced the launch of its new PredProtect enhancements and schema, along with the availability of its Release Candidate (RC) testing site, developed to meet the needs of banks and mortgage lenders in complying with the TILA-RESPA Integrated Disclosures (TRID) Rule. "TRID-readiness is a top priority for our customers, so it's also been a top priority for the PredProtect development team for the last year," said Jeff Moyer, chief product and strategy officer for First American Mortgage Solutions. "We believe our cus - tomers will benefit from the enhancements made to PredProtect." The PredProtect enhancements also include the Loan-level Fee Override Feature, which allows users to override undesired fee treatment and immediate fee treatment handling on a case-by-case basis, and the Loan-level Test Controls feature, which allows users to turn system tests on or off on a case-by-case basis. "Clearly, TRID fundamentally alters the loan manufacturing timeline and process for mortgage lenders," said Kevin Wall, presi - dent of First American Mortgage Solutions. "Now, lenders who rely on PredProtect can proceed with confidence knowing they have a TRID-ready solution well before the effec - tive date, which gives them plenty of time to perfect their training and processes." The PredProtect 5.0 schema incorporates the following changes: • Updated Loan Information Input fields • Updated Worksheet and Summary of Results section • Product Type flexibility • TRID Test Enhancements • Closing Disclosure – Re-disclosure Analysis • Disclosure Timing Analysis • Total Interest Percentage (TIP) Analysis • Five-Year Comparison Analysis Knowledge WHY LIA? The Largest Provider of E&O Insurance to AMCs in the U.S. SINCE 1977 POLICIES SPECIFICALLY DESIGNED FOR AMCS COMPETITIVELY PRICED COVERAGE NATIONWIDE COVERAGE WITH "A" RATED COMPANIES STATE AMC BONDS WITH NO ADDED FEES Contact Susan Lomeli Ph: (800) 334-0652 X 139 Fax: (805) 962-0652 CA License #0764257 Administrators & Insurance Services LIA_AMC_Print_Ad_Knowledge_2.2917x9.125.indd 1 2/11/15 7:18 PM

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