Small, midsize lenders get immediate access to closing cost data

ClosingCorp says SmartStart can prevent RESPA violations

ClosingCorp, which provides real estate closing cost data and technology for mortgage lenders, real estate professionals and consumers, is now offering small to midsize mortgage lenders immediate access to its good faith estimate service, SmartGFE.

The company’s SmartStart program, announced today, will allow such lenders to receive accurate closing cost data for GFEs at a “highly discounted” rate within one day of signing up for the service, the company said. ClosingCorp’s closing cost database contains actual rates offered by the company’s network of nearly 12,000 real estate service providers, such as appraisal management companies and title services, as well as recording fees and transfer taxes.

Small lender image via Shutterstock.
Small lender image via Shutterstock.

“Our SmartGFE is used by many of the nation’s largest lenders, and by launching SmartStart we are giving small to midsized lenders the opportunity to instantly experience the efficiencies and costs savings of obtaining accurate rates through our SmartGFE service,” said Mark Nogaki, senior vice president of sales at ClosingCorp, in a statement.

“SmartStart is ideal for lenders that want to quickly eliminate costly tolerance violations and save money without waiting on the customized onboarding process typically associated with software implementations.”

“Tolerance” refers to the extent which fees estimated on the GFE may exceed what is actually charged at closing as regulated by the Real Estate Settlement Procedures Act (RESPA). ClosingCorp guarantees its data is RESPA-compliant.

The SmartStart period for full SmartGFE setup lasts 60 days and includes the onboarding of up to four preferred providers, ClosingCorp said.

Last month, ClosingCorp announced it had expanded its relationship with RamQuest Inc., a provider of business solutions for title and settlement agents, to update the automated ordering capabilities they offer mortgage lenders and title and settlement services to provide more comprehensive property information, loan data and contact details for borrowers, sellers and lenders within each order.


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