ClosingCorp's Loan Estimate Module Now Integrated with Savana's Loan Origination Studio

--Integration Provides Up-to-Date Closing Cost Data, Along with Audit Trail, to Help Lenders Comply with New TRID Rule--

Aug 13, 2015, 10:30 ET from ClosingCorp

SAN DIEGO, Aug. 13, 2015 /PRNewswire/ -- ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced today that its Loan Estimate Service is now integrated with Loan Origination Studio from Savana, Inc. ClosingCorp's Loan Estimate Service currently provides users with access to RESPA-compliant Good Faith Estimate (GFE) data, audit trails and a data guarantee. 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.

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. Through this integration, ClosingCorp's proprietary data is directly incorporated into Savana's Loan Origination Studio, allowing 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.

In addition, ClosingCorp's Loan Estimate Service provides alerts on changes to recording fees and transfer taxes, as well as audit trail transparency, to ensure greater data integrity.

"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% 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 proprietary national data repository and neural knowledgebase can not only uniquely help support compliance, but also increase productivity and time management in this highly volatile environment."

"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. The ability for our clients to quickly access and accurately quote multiple fees from a range of service providers in real time is essential to streamlining the application disclosure process in this new compliance environment," said Christina Randolph, product manager at Savana, Inc. "Once user acceptance testing is complete, our clients will be ready to generate the new integrated disclosures ahead of the CFPB's October 2015 effective date."

About Savana

Savana, Inc. is a leading provider of workflow-enabled solutions to both the retail and mortgage banking industries. Core product offerings include "Loan Origination Studio" for the origination and fulfillment of home loans, and "nGage", an Interactive Process Management (IPM) platform that solves complex process challenges throughout the client's enterprise – to deliver new revenue opportunities, cost savings, and reduce risk in a highly regulated environment. For more information about Savana Inc., visit www.savanainc.com

About ClosingCorp

Headquartered in San Diego, Calif., ClosingCorp owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. Through innovative solutions, progressive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals. Clients rely on ClosingCorp to help improve efficiencies and mitigate risk. For more information, please visit www.closing.com.

SOURCE ClosingCorp



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