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FAQ - SmartCLOSE

Q1.
If settlement increases a fee, is there an automatic notification if tolerance has been exceeded? If there is a 0% or 10% tolerance violation, will there be a fatal warning when I click on the red circle with the X?
A1.

Yes, anytime a fee is added or modified the Portal will make a web service call to automatically run the audit engine to check if tolerance has been exceeded. If it has, there will be a fatal warning.

Q2.
There's an entry for the APR on the Fee level. Will title be locked out of this question? Only controled by lender?
A2.

SmartCLOSE has role based permissions. The lender can configure permissions to prevent other collaborators such as title providers from completing certain functions.

Q3.
Can lenders pull out a comprehensive report summary at the loan level with data and specific fees?
A3.

For all of the collaborations completed in SmartCLOSE, a change history report will be available at the loan level.

Q4.
Is there an option to pull loan level data showing fee name and amount for all the loans processed from my lender?
A4.

Currently this is available on all files for which collaborations were completed in SmartCLOSE. We are discussing providing this feature for all loans in the future.

Q5.
How we are going to input the Loan estimate data for tolerance comparison?
A5.

Loan estimate data from worksheets will be loaded from DocMagic into SmartCLOSE upon a collaboration being initiated.

Q6.
How are variance cures handled? Any examples you can share?
A6.

Yes, variance cures can be handled in SmartCLOSE by adding lender credits.

Q7.
Does SmartCLOSE give the title company the ability to add a new fee name that is not shown?
A7.

Yes, if the title company has been configured with the appropriate permissions by the lender they will have the ability to add a new fee name that is not shown.

Q8.
Do you have to have e-sign to use SmartCLOSE?
A8.

No, you do not have to use e-Sign to use SmartCLOSE.

Q9.
How do we bring over the original costs disclosed for final comparison and cure if applicable?
A9.

Loan estimate data from worksheets will be loaded from DocMagic into SmartCLOSE upon a collaboration being initiated. You can cure variances by adding lender credits within SmartCLOSE. All changes will be written back to DocMagic.

Q10.
In terms of a CFPB audit, can one grant a READ ONLY view to them for an entire loan transactions period?
A10.

Yes, the lender could grant read only access to a third party.

Q11.
Doesn't this collaboration apply to initial disclosure also, wouldnt be helpful to have agents verify fees at disclosure of the LE even more so?
A11.

Yes, this is possible and we are looking at this as a fast follower. This collaboration applies throughout the entire loan origination process.

Q12.
Concerning the Closing Disclosure, what controls are in place to alert the lender a change has been made after the Closing Disclosure is issued. Concern: (1) restart of the wait period & (2) issuing a revised CD that doesn't trigger the wait period.
A12.

The audit engine will detect changes made after the Closing Disclosure has been presented to the borrower and require appropriate action (i.e. re-disclosure, restart of wait period).

Q13.
Will the action log be printable?
A13.

Yes

Q14.
It shows it as a "signing complete" audit trail in the delivery of this to the consumer. Are they required to sign this to complete the audit trail for eSign? And if so, how do we explain to the consumer they will sign this again at closing?
A14.

The borrower may sign the Closing Disclosure to prove receipt three business days prior to consummation as one option (others would simply be esign receipt, or presumed receipt either physically or electronically). If the creditor requires the CD be signed to prove this receipt, they would just need to explain to the consumer that it would need to be signed again at closing.

Q15.
What is the amount of time these files will be retained? Will it be in line with the 3 5 years?
A15.

After the active period, files can be retained for an indefinite period of time.

Q16.
Can users print the CD that's being viewed in the thumbnails?
A16.

Yes

Q17.
Can you projected payments handle contruction to permanent loans that have interest only for the first year and PandI for the remainder of the term?
A17.

Yes

Q18.
Is there an an on-line tutorial?
A18.

Yes, SmartCLOSE has an automated tutorial as well as multiple options for training. Visit www.docmagic.com/support for more information.

Q19.
What's the difference in changing a fee on the "Loan Cost" screen and changing it on the "Settlement" screen?
A19.

The loan cost screen contains the detail of all closing costs associated with the transaction. While the closing cost totals are reflected on the settlement screen, the detail is not. The values that are updated and maintained on the settlement screen are unique to that screen. There is no duplication between the two screens.

Q20.
As an admin, can I see how long changes might be "waiting" for approval/denial?
A20.

Yes

Q21.
When we create a request for docs from Encompass, how soon will it show up in the action log?
A21.

DocMagic document requests from Encompass will be reflected in the system the moment the request is satisfied by DocMagic's production servers.

Q22.
How long will DM retain this data / audit trail?
A22.

After the active period, files can be retained for an indefinite period of time.

Q23.
After everyone agrees to fees and CD is sent, there are often last minute adjustments at closing, such as fuel adjustment. Can we give attorney authority to just add certain types of adjustments at closing?
A23.

Yes, currently agents and attorneys can make adjustments to every fee except loan origination fees. Lenders have the ability to lock down additional fees.

Q24.
If the Loan Estimate was not created inside DocMagic, is it available within the system?
A24.

Yes, a loan estimate not created by DocMagic can be uploaded into the system.

Q25.
Can we limit the fees that the settlement agent can change, i.e., certain bank fees?
A25.

Yes, an important component of the system is the requirement that all costs added or modified by the settlement agent be approved by the lender unless the lender has waived that privilege as a result of their business relationship with the agent (i.e. affiliated).

Q26.
Does DocMagic send the borrower the e-consent first and then send the documents? Does does SmartCLOSE retain record of the borrower opening the documents?
A26.

The consent form is provided to the borrower as the first step in the electronic document delivery process. Once the borrower consents to the process, documents are presented on screen and allow for electronic signature if the feature has been enabled. All steps in the process are automatically logged (i.e. documents viewed, signed, etc.) and the resulting history information is accessible within the portal.

Q27.
Can rules be written within your portal if we do not want the title to make changes to specific fees (ie: appraisal fee)?
A27.

Yes - the system can be customized with those controls

Q28.
How long does audit trail history last? Is it deleted after certain amount of time?
A28.

The audit trail becomes a permanent component of the resulting content-enabled pdf Closing Disclosure form.

Q29.
If this docs can be used for signing, can they be sent out & signed via your mobile app?
A29.

Yes

Q30.
Does SmartCLSOe integrate directly with documents (loan estimate/change in circumstance) sent via DocMagic eSign technology?
A30.

Yes

Q31.
Will this be available for our senior management to review at a later date?
A31.

Yes

Q32.
Will the title companies be restricted to only being able to change their fees?
A32.

Restricting the settlement provider to only modifying certain fees is a feature of the system.

Q33.
Is the "broker's fee" on the screen the mortgage broker's fee or the real estate broker's fee?
A33.

The broker's fee is the mortgage broker fee.

Q34.
Will all documents and screens be printable at any time? Will we have ongoing access to the documents post-closing?
A34.

Yes, all documents and screens can be printed. All documents will be available post close.

Q35.
While viewing the CD document does the system allow for editing specific fields within the document? Or can edits only be made when in previous screens.
A35.

Certain editable areas of the CD form are provided such as the transaction summaries and calculated cash to close.

Q36.
Which LE fees will show in the Loan Cost Screen? The initial, or most recently disclosed?
A36.

The most recently disclosed LE fees will show in the Loan Cost screen. Baselines values are also displayed.

Q37.
When the documents are approved and ready to be delivered does it show the lender as the one who is doing that?
A37.

Yes

Q38.
What kind of business rules can we put around the fees? (Max? Calculations?)
A38.

The system's validation feature leverages DocMagic's Audit engine. Within that engine we can create rules to control any aspect of cost entry and validation (max values, special calculations, etc.).

Q39.
What is the time frame for how long before changes are reflected in the log?
A39.

Log entries are instantaneous.

Q40.
Since TRID indicates that we must disclose the lenders title insurance not to be discounted. Will docmagic have a seperate disclosure available for state regualation that requires us to disclose the opposite?
A40.

We are following the TRID rule which has specific disclosure requirements for the amounts of lenders and owners policies.

Q41.
Our closing attorney creates our closing packages i.ei note, mortgage etc… can they do that through the portal?
A41.

Your closing attorney can participate in the collaborative system and upload any documents into the system.

Q42.
Must the fee be typed exactly as it appears in order to recognize it?
A42.

The fee must be typed correctly, however, the auto-complete feature can detect a fee description with only a few characters.

Q43.
Is this something that could possibly be leveraged for exchanging and validating fees on the LE between brokers/lenders?
A43.

Any party to the loan can participate in the Collaboration portal.

Q44.
Is there any tracking of the baselines in the portal or does it only display the most current value for the estimate?
A44.

Both baselines and current estimate values are tracked by the system.

Q45.
What about post closing changes?
A45.

If there are post closing changes, approvales for post closing changes need to be obtained and the loan file can be re-locked.

Q46.
Up to what point can the Closing Agent make changes?
A46.

The closing agent can make changes until the file is locked.

Q47.
Is there a point that fees cannot be changed by anyone?
A47.

Yes, costs can be locked against further edit.

Q48.
If we use DocMagic for the LE, does the compliance validation look back to the most recent LE or the most recent LE where the 10% tolerance was met?
A48.

DocMagic will track the tolerance baseline throughout the loan process. These values may or may not match the last disclosed values on the Loan Estimate since lenders are always free to redisclose a Loan Estimate. DocMagic will only reset the tolerance baseline for charges subject to a 10% tolerance when there is a single or series of changed circumstances that cause the total for the group to exceed the 10% tolerance amount.

Q49.
Does the segregation apply to the Chat feature, as well, as the loan itself?
A49.

The portal's chat feature is segregated by loan file and by contact.

Q50.
Does the platform allow lenders to compare pricing from their various settlement service providers for the same transaction?
A50.

That functionality is not currently part of the service offering although we will consider it as a feature.

Q51.
Do items that are in the "deleted items" bucket still remain part of the audit trail/vault?
A51.

Yes, deleted items remain in the audit trail.

Q52.
Does a person invited to participate have to have credentials previously set up in DM to accept an invitation and login?
A52.

No, prior credentials are not required. Within the invite, new users will be prompted to create credentials.

Q53.
Will training be offered for settlement agents, realtors, etc?
A53.

We will offer training webinars, videos, and tutorials to assist in training, however, the system has been specifically designed to be as intuitive and simple to use as possible.

Q54.
Will a settlement agent need a different login for every lender?
A54.

No, only one login will be required.

Q55.
Is there any functionality to track whether or not the settlement agent is already approved or at least a way to integrate that functionality?
A55.

Yes, the system will be able to indicate if a particular settlement agent has used the system in the past.

Q56.
We are a wholesaler that works with an open list of settlement agents - how easy is it for the settlement agent to work within this system?
A56.

It is very simple for settlement agents to utilize the system in that a single click from an email invitation initiates entry and access to the collaborative system.

Q57.
Can more than one user (i.e. two processors, three settlement agents) access one loan?
A57.

There is no limit to the number of simultaneous users who can access a particular loan file.

Q58.
What happens if two users are updating fees at the same time?
A58.

The system will only allow one user to edit the fee detail at a time. Once the user (first to initiate fee edit) completes their changes and presses the Done button, the Edit button/functionality will be available to the secondary user.

Q59.
How do we see who else is in the portal?
A59.

The system will indicate if additional parties to the transaction are currently online in the portal.

Q60.
Are you planning to integrate with vendors such as title companies so that XML data required for the LE and CD can be delivered back?
A60.

Integrating with leading Title and Settlement companies is among our top priorities.

Q61.
Are any of the audit logs or Change in circustance logs exported back into the LOS?
A61.

Yes audit logs and change circumstance logs can be passed back to the LOS system IF the system is capable of storing that information.

Q62.
Once my closing disclosure is final how can I send it out directly to the borrower?
A62.

There is a "Send to Borrower" button on the Closing Disclosure (view) screen that becomes enabled once the appropriate status is designated.

Q63.
We use Doc Express. Will we be able to use SmartClose?
A63.

Yes, you will be able to use SmartCLOSE if you use Doc Express.

Q64.
Would we be ordering title work here instead of from our LOS?
A64.

You would continue to order title work from your LOS. You can invite your title providers to collaborate on the closing disclosure within SmartCLOSE.

Q65.
Can we export data from DocMagic?
A65.

Yes, you can export a MISMO 3.3 data file.

Q66.
Can fee changes (and final data) can be pushed back to the LOS to allow for data integrity?
A66.

Yes, subject to feature availability within your LOS. Some LOS systems do not provide the option of writing back data, however, this functionality is a requirement for all DocMagic/LOS integrations.

Q67.
Through our integration, will the LOS history of all revisions, data (fees) upload into SmartCLOSE?
A67.

Yes

Q68.
If we are currently not a DocMagic user, what is the implementation timeframe to be up and running?
A68.

Depending on the number of states you currently lend in and the number of loan programs, setup can often take as little as a few minutes. We would have to get additional information to provide a completely accurate estimate.

Q69.
How do we know if our LOS provider is integration ready?
A69.

If your LOS provider currently has an integration with DocMagic, you are already integrated and ready to go! We are working on integration for SmartCLOSE with all of our partners.

Q70.
Will I initiate SmartCLOSE collaboration from inside in my LOS… and right from the beginning? Or do users have to log into DocMagic directly?
A70.

Upon initial release, users will initiate collaboration from within DocMagic. There are multiple ways a collaboration can be initiated: including within DocMagic Online, the account administration section of DocMagic.com, as well as within the Portal. DocMagic will provide a full API for system integration to all of it's LOS partners.

Q71.
Does SmartCLOSE integrate with my LOS?
A71.

Yes, integrations are planned with all of our partners.

Q72.
Are there additional costs to add more docs to the doc set?
A72.

There is no additional charge for adding documents to the disclosure package.

Q73.
Is the fee charged per file?
A73.

Yes the fee is charged per file.

Q74.
What is included if I add SmartCLOSE to my process?
A74.

The fee for SmartCLOSE includes unlimited collaboration partner access featuring an integrated messaging system, delivery of the final Loan Estimate (LE) to settlement agent, real-time rendering of Closing Disclosure (CD) form, secure eDelivery of Closing Disclosure (CD) and related documents to the Borrower (DocMagic eSign) and continuous, automated TRID compliance testing. Note there are unlimited redraws to facilitate change of circumstances, etc. Lastly, you get MISMO 3.3 compliant data import/export functionality. Contact sales@docmagic.com for specific pricing details.

Q75.
Are there any costs to Title Companies to use the portal?
A75.

No there are no costs (or set up fees) to settlement service providers for using the portal. The collaboration fee is paid by the lender.

Q76.
Are there additional fees to lenders (and/or attorneys) for using the Collaboration option?
A76.

Yes. There is a fee charged to the lender for collaborating inside SmartCLOSE.

Q77.
Can more than one user (i.e. two processors, three settlement agents) access one loan?
A77.

There is no limit to the number of simultaneous users who can access a particular loan file.

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