KeyStoneB2B, a fintech provider for the financial services industry, and DocMagic, Inc., a leading provider of compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, today announced a partnership to provide DocMagic’s SmartCLOSE through the KeyStoneB2B platform.
The partnership allows mortgage lenders and settlement service agents who use the KeyStoneB2B platform to connect to SmartCLOSE, a central portal for sharing and collaborating on documents, data and fees, according to a joint press release. DocMagic’s GSE-certified solution satisfies every phase of the entire Uniform Closing Dataset (UCD) mandate.
Assuring accuracy and consistency in loan data, documents and fees prior to closing has traditionally been a big challenge for lenders, due not only to the large amount of information being passed back and forth between lenders and numerous settlement service providers, but also to the amount of times the information contained in the file changes.
“Loan information changes on a moment to moment basis, and without a central system of record, lender compliance relies on multiple parties involved in the transaction, and their ability to proactively connect with each other to reconcile data, fees and information,” DocMagic CEO Dominic Iannitti said in the release. “With the amount of detail and the number of people involved, it’s almost impossible to achieve completely accurate and consistent information unless there’s a single system of record.”
“Now that our lender customers have seamless access to SmartCLOSE, they and their settlement service providers can establish an accurate, always-updated single system of record, which will save them a lot of time and prevent a lot of potentially costly errors and inconsistencies,” KeyStoneB2B Chief Information Officer and Chief Technology Officer James Luisi said. “Plus, they benefit from a host of other features, not the least of which is compliance with the GSEs’ UCD mandate prior to its June deadline.”
In addition to being designed to facilitate collaboration, SmartCLOSE also can be used to generate and deliver GSE-certified UCD (Uniform Closing Dataset)-compliant files to Fannie Mae and Freddie Mac, prior to the GSEs’ June deadline. The release noted that Fannie Mae and Freddie Mac recently announced that file submissions that are not UCD-compliant no longer will result in a warning, but rather will be escalated to critical or fatal severity and not be accepted in either GSEs’ delivery system as of June 25, 2018.
Other SmartCLOSE benefits include:
- Synchronized collaborative workflow
- Real-time chat and instant messaging
- Continuous compliance and TRID tolerance monitoring
- Automated event and audit logging
- Bi-directional integration with leading Loan Origination Systems
- Integrated eDelivery of borrower disclosures
- Certified MISMO 3.3 compliant XML data and document exchange
- Captures the required borrower and seller data information for
- Embedded XML Closing Disclosure (CD)
“Quality, compliance and efficiency are top concerns of most lenders and also three of the top benefits of an electronic process,” Iannitti said. “Together with companies like KeyStoneB2B, DocMagic is showing lenders not only how easy it is to attain these three components, but also how cost-effective it is as well.”