ClosingCorp Introduces Risk Management Suite, LumenRMS

Posted by Patrick Barnard on February 24, 2015 No Comments
Categories : Residential Mortgage

ClosingCorp, a provider of residential real estate closing cost data and technology, has released its new risk management suite, LumenRMS, to help lenders meet the challenges of the August 2015 closing disclosure changes.

LumenRMS features five modules that create an end-to-end solution to simplify and streamline the closing process for lenders. The suite incorporates data directly from a loan file and augments it with proprietary ClosingCorp data from a national service provider repository and county property data.

This data, along with lender-specific business rules outlining requirements and preferred providers, is fed into proprietary algorithms to help ensure Real Estate Settlement Procedures Act compliance.

Users can ensure that compliant and accurate closing data is feeding directly into good faith estimates/loan estimate documents and their final closing disclosure, explains ClosingCorp.

LumenRMS also provides lenders with the ability to educate prospective homeowners on approximate closing costs prior to mortgage qualification.

Register here to receive our Latest Headlines email newsletter

Leave a Comment