Simplifile Automates Return of Trailing Mortgage Documents
March 20, 2018
Simplifile has enhanced its post-closing service to help lenders automate the return of trailing loan documents. This new service is designed to save lenders time on final Closing Disclosure reconciliation, eliminate time-consuming post-closing document management tasks, and provide a complete audit trail to reduce regulatory risk.
Using its e-recording network of active settlement agents, Simplifile automates the return of recorded documents, final recording fees and transfer taxes that match the loans in a lender’s post-closing pipeline. According to a release, Simplifile can also automate the request for final title policy or any other trailing documents. Lenders using Simplifile’s post-closing service are automatically receiving recorded documents and fees for nearly half of their loans, with 50 percent being returned within 48 hours and 90 percent within a week of the loan closing. For Ellie Mae customers, Simplifile can deliver the returned documents directly into the Encompass eFolder, eliminating additional steps in the post-closing file completion process.
“Post-closing workflow continues to be a pain point for many lenders, as the consequences of submitting incomplete loan files to regulators and investors can be severe,” said Simplifile President Paul Clifford. “With more than 17,000 settlement agents utilizing our network to e-record in more than 1,750 counties, Simplifile is in a unique position to solve this very real issue for lenders by, in essence, providing the auto-return trailing docs and final recording fees and transfer taxes for loans closed across 80 percent of the population.”
Contact ALTA at 202-296-3671 or communications@alta.org.