SJV Burlingame, California-based CompianceEase announced the release of a new solution to enable lenders and settlement agents to communicate more seamlessly and exchange data securely to remain in compliance with the Know Before You Owe borrower disclosure rule. The ClosingXchange[TM] reduces risks by flagging fee changes throughout the life cycle of a mortgage transaction.
The borrower-disclosure requirements that took effect last October have tight tolerances for differences between the fees disclosed in the initial Loan Estimate and in the Closing Disclosure. The requirements are spelled out in the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule (TRID).
ClosingXchange keeps discrepancies to a minimum by reducing manual data entry, and it leverages existing settlement agent production software for producing closing statements and data. The solution can use Uniform Closing Dataset (UCD) XML data files as well as PDF documents to do real-time analysis instead of relying on a manual change-detection process.
The company notes that ClosingXchange maintains an audit log of...