Closing services provide the lender and closing agent with a method of communication to indicate agreement on final closing costs and settlement statements. This record of communication is valuable if the loan documents are determined to have issues during the lender’s post-closing review process. Closing services provide the lender and closing agent with a method of communication to indicate agreement on final closing costs and settlement statements. This record of communication is valuable if the loan documents are determined to have issues during the lender’s post-closing review process.
Premium service level for closing/escrow services includes:
Closing Statement Management: a series of events for the lender and service provider to communicate changes and/or approval of the final settlement statement for a mortgage loan closing.
Subordination Process: a series of events for the lender and service provider that allows the lender to request a Subordination Order on an existing closing order.
Payoff Process: a series of events for the lender and service provider that communicates who will be obtaining a final loan payoff statement for existing title liens prior to the loan closing.
Title Curative Process: a series of events that allows for communication between the lender and service provider on responsibilities of curing title defects prior to the loan closing.
Closing Package Management: a series of events that provides communication between the lender and service provider on the status of the closing document package
Credit report products are a valuable tool used in determining the credit worthiness of a borrower, as well as providing an indicator of a borrower’s ability to repay debt. Exchange allows lenders to directly connect with credit providers.
RealEC's Fee Service solution delivers accurate settlement service fee quotes for loan disclosures without the lender maintaining cumbersome fee tables and algorithms. The Fee Service product affords lenders access to multiple fee providers for GFE blocks 3, 4, 5, 6, 7, and 8 with limitless requests throughout the mortgage lifecycle.
Flood certificates are a valuable tool used in determining the property flood zone, as well as providing monitoring of any flood zone changes for the life of the mortgage loan. RealEC provides a service to lenders that allows direct integration with flood certificate providers.
Loan Document Delivery
The Loan Document Upload service allows a lender to deliver documents to an investor safely and securely. This process allows the investor to obtain the documents along with the data, which can then be downloaded directly into the investor’s loan origination system for auditing and storage.
As part of loan quality analytics, the Loan Document Upload service will also allow a lender to order additional products for the loan package; upload a ULDD file for delivery to the investor; or run a Quality Insight report with the investor’s specific rule set. Loan Document Upload service is currently available for closing document packages.
RealEC's Mortgage Insurance (MI) solution provides the integrations, data management, decisioning, and workflow management required for handling your numerous mortgage insurance needs. Through the Exchange platform, lenders can automate the ordering of mortgage insurance products such as rate quotes, rate quote and eligibility checks, delegated and non-delegated MI certificates, as well as HARP processing.
Recording Services allow a lender to track a recording request to the service provider to record certain loan documents at a loan level. Recording Services also gives the settlement service provider a method to communicate receipt of the recordation request, along with communicating recording details to the lender once completed by the recorder’s office. The process provides the lender with a clear, reportable method to track document recordings.
Signing Appointment Services
Signing Appointment Services give the lender flexibility in where and when a mortgage closing may take place. A notary may close a loan at the borrower’s home, office or designated convenient location to improve the level of customer service in the closing process.
RealEC offers a wide range of title services to lenders ranging from title insurance for first liens, home equity products and reverse mortgages. RealEC's title services also include title-related products, such as title searches, property reports and deed preparation.
RealEC's Exchange platform accesses UCDP through an integrated system interface. By leveraging this interface, subscribers can benefit from an integrated workflow that is tied directly to their appraisal-ordering workflow.
Additional collateral qualifications and assessments can be provided by the integration with Valuation Insight. When used prior to final submission to the UCDP system, Valuation Insight ensures a higher degree of data quality checks have been applied to the appraisal than lenders are able to perform themselves. By incorporating Valuation Insight into the appraisal workflow, subscribers will significantly improve the rate at which collateral data will meet GSE data quality standards as assessed within the UCDP system.
Included as part of the Quality Insight tool is the ability to assess all the ULDD components for both Fannie Mae and Freddie Mac using the lender’s ULDD file, in addition to the data, documents and loan services collected in RealEC's Exchange platform. This assessment includes validations for GSE required fields and conditionally required fields. All the loan information is collected within the iFolder and used to evaluate the loan’s quality and produce a compliant ULDD MIMSO 3.0 Export file.
Verification Services (VOI, VOE, VOID)
In the risk-adverse world of mortgage lending, verifying a borrower’s identification, income and employment with a third-party service provider is a vital piece of the mortgage approval process. Exchange provides a range of verification products to suit a lender’s needs, including verifications for employment, identity and income.