SmartCLOSETM, DocMagic's collaborative TRID compliant closing portal is a winner of the 2016 Progress in Lending Innovations Award! With a goal to recognize true industry innovation, The Progress in Lending Association Executive Team judged every entry in several important categories; Industry Significance, Overall Uniqueness, Positive Change, Intangible ROI and Hard Savings ROI.
While the TRID compliance frenzy swept the industry there were a large number of Collaborative Closing portals launched in a short time period. Like many technology vendors, DocMagic saw the need for a portal that allows lenders, settlement service providers and others to work in sync inside a secure environment to view, share, update and exchange data prior to closing. That’s just the beginning however, as SmartCLOSE’s industry significance lies in the fact that its functionality moves far beyond the simple back and forth of email communications.
The TRID rule created an atmosphere that demanded a more fluid and constant collaboration between lenders and settlement service providers. This is where DocMagic’s SmartCLOSE portal flexes its overall uniqueness in the marketplace. The collaboration inside SmartCLOSE runs continuous and constant compliance checks throughout the process.Not only is the portal intuitive, its technology provides all participants with proof of compliance every step of the way.
This complete and total focus on compliance is part of the built-in design in all of DocMagic’s technology. SmartCLOSE comes equipped with DocMagic’s industry-proven Compliance System and Audit Engine. Running continuous compliance checks and audits assures that issues are caught early while there is still time to correct for compliant documents throughout the process. The result: positive changecan be measured in fewer delays and reduced costs.
SmartCLOSE was designed to help lenders and settlement service providers comply with TRID but the portal’s superior functionality makes it so much more. As a collaborative environment where all key parties are participants in the compliant document process, SmartCLOSE ultimately becomes a workflow and document management tool. With constant audit trails of every change, and time and date stamped records securely housed in one central location, SmartCLOSE’s intangible ROI is evident in how easy it is for all parties to deliver compliant closing documents.
“Feature-rich” and “easy to use” are what users say about the SmartCLOSE collaborative portal. The Hard Savings ROI is easy to see and feel in the workflow between lenders and settlement service providers. Loan Estimate and Closing Disclosures are both handled efficiently and easily by the portal’s workflow, giving lenders and settlement service providers a one-stop shop to prepare and submit compliant documents.