Document technology company DocMagic Inc. is launching a collaborative closing platform that will help mortgage lenders comply with the Consumer Financial Protection Bureau's (CFPB) new TILA-RESPA integrated disclosure (TRID) rules going into effect on Aug. 1.
Basically, the solution – called Collaborative Closing Platform – is a secure Web portal that enables streamlined, real-time exchange of information between lenders, settlement agents and their associates in order to speed the closing process and meet strict timelines for disclosures.
Via this Web portal, all parties involved in a closing will be able to access, edit, validate and approve both data and documents.
‘Our Collaborative Closing Platform brings all of the necessary closing components and parties together to effectively assist lenders in complying with TRID in a very efficient, timely fashion,’ says Dominic Iannitti, president and CEO of DocMagic, in a release. ‘With one simple click, lenders can invite their settlement providers to view and update disclosure data, which is automatically analyzed by DocMagic's comprehensive Audit Engine in preparation for final approval by the lender.’
The solution utilizes version 3.3 of the new MISMO standard that is needed for TRID to bi-directionally and securely pass data between parties.
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