ClosingCorp Introduces New Lumen Snapshot Tool

Posted by Patrick Barnard on October 20, 2015 No Comments
Categories : Residential Mortgage

San Diego-based ClosingCorp, a provider of residential real estate closing cost data and technology, has launched its Lumen Snapshot tool, which provides prospective borrowers with realistic closing cost data in real time during the ‘shopping’ or pre-qualification stages of getting a loan.

This tool can also be used to determine loan program suitability and for quality assurance both pre- and post-close.

Lumen Snapshot uses pre-calculated median closing cost data based on geographic area and loan scenario to deliver estimates to consumers within seconds. The database is powered by the company's proprietary repository of fully managed, vendor-verified rates and fees from nearly 20,000 U.S. real estate service providers.

The solution can be integrated into lenders' consumer direct websites, loan calculators, product and pricing engines, and loan origination systems to educate borrowers and increase loan pull-through rates.

‘Lumen Snapshot is designed to help lenders engage and inform prospects in the early stages of a mortgage decision. It can enhance the functionality of consumer direct channels and increase the effectiveness and credibility of retail [loan officer] presentations,’ says Brian Benson, CEO of ClosingCorp.

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