Magazine article Mortgage Banking

ClosingCorp Upgrades SmartGFE for Wholesale Channel

Magazine article Mortgage Banking

ClosingCorp Upgrades SmartGFE for Wholesale Channel

Article excerpt

ClosingCorp, La Jolla, California, a provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers, has enhanced its SmartGFE Service offering for wholesale lenders.

The SmartGFE Service now improves the workflow between wholesale lenders and mortgage brokers, giving lenders more flexibility to manage activities according to their unique business rules and processes. Lenders can set up, update and remove accounts; define security restrictions; and transfer ownership of loan files along with many other tasks within the SmartGFE interface. Additionally, the SmartGFE Service now supports custom reporting for broker activities, enabling wholesale lenders to obtain vital details and evaluate the performance of each broker in their network.

"The wholesale lending landscape has changed dramatically during the past year as several large banks have exited the market," said Cathy Blaszyk, ClosingCorp's vice president of lender services. "As regulatory compliance burdens grow, the enhanced SmartGFE Service for wholesale lenders provides assurance that their network of independent mortgage brokers disclose accurate costs on GFEs [Good Faith Estimates] upfront, mitigating their third-party loan risk and eliminating tolerance violations. …

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