Beginning on October 1 2015, CFPB has mandated new forms (Closing Disclosure) that lenders must use to disclose loan closing data to consumers as part of new regulation that is defined under the Integrated Mortgage Disclosures under the Real State Procedure Act ( Regulation X) and Truth in Landing Act (Regulation Z ).
GSE’s will mandate the data delivery as per the new guidelines for all loans starting mid to late 2017.
In addition, GSEs are mandating Electronic delivery of Closing disclosure documents in MISMO 3.3 compliant XML data and document exchange with GSEs
QUICLOSE is a robust and comprehensive electronic product that not only gives you the control to create closing documents as per your preferences and needs but also provides a detailed report on loan closing data against the Uniform Closing Dataset specification in compliance with certain aspects of the CFPB’s Integrated Mortgage Disclosure regulations. QUICLOSE provides valuable feedback to the users regarding implementing CFPB’s new Integrated Mortgage Disclosure Rules (effective August of 2015). QUICLOSE also comes equipped with hundreds of compliance audits to ensure your closing docs are in compliance with all of the current policies, standards and regulations to TRID (TILA-RESPA Integrated Disclosure – Know Before You Owe)
-Provides Transactional data Integrity and deliver flexible customer centric value added technology solution.
-Helps achieve Uniform Closing Disclosure Dataset completeness and Integrity
-Ensure optimal data quality during the loan pre settlement process.
-Develop confidence that the Integrated Mortgage Disclosure data is compliant in accordance with CFPB guidelines.
- Generates opportunity for augmenting operational efficiency to Lenders
- Compliance to TRID
- Electronic delivery of Closing disclosure documents to the parties involved.
- MISMO 3.3 compliant XML data in order to have seamless document exchange with GSEs