SmartFees and Property Tax Estimator (PTE)
Estimating and managing settlement services and fees in mortgage lending is a complex, time-consuming process. CoreLogic addresses this challenge with SmartFees, a tool designed to deliver accurate closing cost data and simplify fee management. SmartFees reduces errors, enhances efficiency, and ensures compliance with regulatory requirements.
SmartFees Key Features
Comprehensive Fee Data:
Aggregates data from a wide range of service providers and tax authorities to ensure the fees are thorough and accurate. Categories include Title & Closing, Appraisal/AMCs, Recording Fees and Transfer Taxes, Property Tax Estimator and, if contracted, Lender Fees and ancillary fees.
Extensive Provider Network:
Includes a vast network of service providers, ensuring competitive pricing and quality service.
Real-Time Updates:
Updates fees in real-time, reflecting any changes immediately, which is crucial for accurate closing disclosures and compliance.
SmartFees Key Benefits
Accuracy and Reliability: Ensures that the fees provided are accurate and up to date, reducing the risk of discrepancies and the potential for costly errors.
Efficiency: Save time by eliminating manual entry and reducing the paperwork typically involved in gathering and verifying fee information.
Compliance Support: Helps lenders stay compliant with regulatory requirements by providing accurate and transparent fee documentation, critical for meeting TRID (TILA-RESPA Integrated Disclosure) rules.
Improved Borrower Satisfaction: Faster and more accurate fee estimates lead to a smoother closing process, enhancing the overall experience for borrowers.
SmartFees, the original guaranteed fees solution, provides lenders with precision and reliability in mortgage fee management. With seamless Encompass integration and robust data mastery, it ensures accurate documentation throughout the loan file, streamlining operations while building borrower confidence and satisfaction.
Property Tax Estimator (PTE) and Lender Fees
CoreLogic's Property Tax Estimator (PTE) simplifies mortgage loan origination by delivering accurate, detailed property tax data. This tool supports lenders with critical tax-related insights, such as amounts due, lien details, agency contacts, and payment statuses. It also forecasts payment details, including installment amounts, last paid dates, upcoming due dates, and other key indicators.
PTE Key Features
Detailed Tax Data Acquisition:
Provides essential tax information for property financing and risk assessment.
Regulatory Compliance:
Ensures compliance with lending regulations by providing detailed and accurate property tax data.
Risk Management:
Identifies potential risks associated with property tax delinquencies and other related issues.
Why PTE Matters
Accurate Loan Assessments: Allows for more accurate and informed decisions during the loan origination process by providing detailed and current property tax information.
Enhanced Efficiency: Streamlines the loan origination process, reducing the time and effort spent on acquiring and analyzing property tax data.
Risk Mitigation: Identifies potential tax-related risks early in the loan process, allowing for timely interventions.
Regulatory Compliance: Helps meet compliance requirements by supplying detailed, up-to-date tax information.
By leveraging the PTE integration in Encompass, lenders streamline processes, mitigate risks, and strengthen compliance. Leveraging integrations with taxing authorities and advanced geospatial technology, the estimator delivers accurate tax calculations even with limited borrower input, such as a ZIP code. This ensures lenders have current and reliable tax data, fostering efficiency and confidence throughout the transaction.
Lender Fees can be managed and delivered with SmartFees...
For more information, visit CoreLogic.com
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