ClosingCorp, a resident real estate closing cost data and technology provider, has released Lumen Risk Management Suite, a group of services that help lenders manage the closing process, the company announced Tuesday.
San Diego-based ClosingCorp designed LumenRMS as a set of solutions for the announced disclosure changes that will become effective in August 2015, the company said. LumenRMS comprises five separate modules designed to assist lenders in the closing process from start to finish.
“LumenRMS will not only ensure that lenders are providing the most accurate information available to meet regulatory needs, but will drive significant workflow efficiencies as well,” said Brian Benson, CEO of ClosingCorp, in a press release.
“Our enormous provider network and unique, powerful platform-agnostic information repository helps enable lenders to quote, order and close in a way that provides true transparency and effectively manages third-party risk.”
Two of the modules in LumenRMS focus on closing cost estimates. The PreQual Estimate module provides early-stage closing cost scenario estimates using data based on ZIP codes or property addresses for lenders to use prior to taking an application. The Loan Closing Cost Estimate module issues a guarantee-back quote using rates and fees from ClosingCorp’s network of roughly 20,000 service providers.
The third tool in the suite, Integrated Order Management, allows lenders to submit, accept and monitor closing-related services online. Through this, lenders can receive state updates, schedule appointments and deliver data electronically. The Closing Disclosure Data module lets lenders integrate guaranteed rate and fee data into the final closing disclosure.
Lenders can also tap the last module, Data Driven Analytics, for market trends and information like state closing cost rankings to use in their interactions with borrowers.
Altogether, the company said clients who use LumenRMS can better comply with RESPA regulations as well as work to educate borrowers on approximate closing costs prior to mortgage qualification.