DocMagic reports that the company's new SmartCLOSE collaborative closing portal solution has undergone extensive testing by lenders, settlement providers and other parties involved in the closing process and is now set for release on Aug. 15.
The MISMO 3.3 compliant solution is designed to enhance lenders' readiness for the Consumer Financial Protection Bureau's new TILA-RESPA Integrated Disclosures rules taking effect on Oct. 3. In addition to synchronized collaborative workflow and real-time chat and instant messaging capabilities, the cloud-based system offers continuous compliance and TRID tolerance monitoring, automated event and audit logging, bi-directional integration with all leading loan origination systems and integrated e-delivery of borrower disclosures.
Inside the secure portal settlement providers can access shared documents, enter and adjust data and view forms as they are modified. DocMagic's compliance and regulatory auditing engine analyzes changed values and automatically compares them with the initial loan estimate disclosure to ensure the loan remains within applicable RESPA tolerance thresholds.