E-recording service provider Simplifile has launched two new services to its online platform, Collaboration and Post Closing, that will help lenders comply with the Consumer Financial Protection Bureau's new TILA-RESPA Integrated Disclosures (TRID) rules.
Using these new services, lenders and settlement agents will be able to share, validate and collaborate on loan documents, fee data, transaction details and more, the company claims in a release. What's more, settlement agents and county recorders will be able to collaborate seamlessly from loan application through final title policy delivery.
‘With the TILA-RESPA changes, being able to connect lenders to their settlement agents is more important than ever to get the fee collaboration and transaction details right,’ says Nancy Alley, vice president of strategic planning at Simplifile. ‘Thinking ahead to Aug. 1, I can't think how organizations would be able to remain compliant without electronic collaboration. Our new services, Collaboration and Post Closing, were designed to deliver on the promise of a world where agents and lenders connect transparently.
‘Trailing documents continue to be an industry pain point,’ Alley adds. ‘Lenders need to know where the documents are and what has happened to them after closing. That is where Simplifile Post Closing comes into play and helps to solve some major problems that have existed in the industry for decades.’
The two new services are free to settlement agents.
‘The initial reaction when some folks hear about our new collaboration piece is that it seems a little strange because our core service has always been e-recording,’ says Paul Clifford, president of Simplifile. ‘Without fail, it only takes a couple of seconds for them to reconsider and say, 'Oh, that actually makes a lot of sense.' Simplifile is pervasive on the settlement end, so if a lender needs to connect to the settlement end of the business, who better to work with than those people who are already there.’