FAQ - SmartCLOSE
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.
SmartCLOSE has role based permissions. The lender can configure permissions to prevent other collaborators such as title providers from completing certain functions.
For all of the collaborations completed in SmartCLOSE, a change history report will be available at the loan level.
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.
Loan estimate data from worksheets will be loaded from DocMagic into SmartCLOSE upon a collaboration being initiated.
Yes, variance cures can be handled in SmartCLOSE by adding lender credits.
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.
No, you do not have to use e-Sign to use SmartCLOSE.
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.
Yes, the lender could grant read only access to a third party.
Yes, this is possible and we are looking at this as a fast follower. This collaboration applies throughout the entire loan origination process.
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).
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.
After the active period, files can be retained for an indefinite period of time.
Yes
Yes, SmartCLOSE has an automated tutorial as well as multiple options for training. Visit www.docmagic.com/support for more information.
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.
DocMagic document requests from Encompass will be reflected in the system the moment the request is satisfied by DocMagic's production servers.
After the active period, files can be retained for an indefinite period of time.
Yes, currently agents and attorneys can make adjustments to every fee except loan origination fees. Lenders have the ability to lock down additional fees.
Yes, a loan estimate not created by DocMagic can be uploaded into the system.
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).
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.
Yes - the system can be customized with those controls
The audit trail becomes a permanent component of the resulting content-enabled pdf Closing Disclosure form.
Yes
Yes
Restricting the settlement provider to only modifying certain fees is a feature of the system.
The broker's fee is the mortgage broker fee.
Yes, all documents and screens can be printed. All documents will be available post close.
Certain editable areas of the CD form are provided such as the transaction summaries and calculated cash to close.
The most recently disclosed LE fees will show in the Loan Cost screen. Baselines values are also displayed.
Yes
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.).
Log entries are instantaneous.
We are following the TRID rule which has specific disclosure requirements for the amounts of lenders and owners policies.
Your closing attorney can participate in the collaborative system and upload any documents into the system.
The fee must be typed correctly, however, the auto-complete feature can detect a fee description with only a few characters.
Any party to the loan can participate in the Collaboration portal.
Both baselines and current estimate values are tracked by the system.
If there are post closing changes, approvales for post closing changes need to be obtained and the loan file can be re-locked.
The closing agent can make changes until the file is locked.
Yes, costs can be locked against further edit.
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.
The portal's chat feature is segregated by loan file and by contact.
That functionality is not currently part of the service offering although we will consider it as a feature.
Yes, deleted items remain in the audit trail.
No, prior credentials are not required. Within the invite, new users will be prompted to create credentials.
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.
No, only one login will be required.
Yes, the system will be able to indicate if a particular settlement agent has used the system in the past.
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.
There is no limit to the number of simultaneous users who can access a particular loan file.
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.
The system will indicate if additional parties to the transaction are currently online in the portal.
Integrating with leading Title and Settlement companies is among our top priorities.
Yes audit logs and change circumstance logs can be passed back to the LOS system IF the system is capable of storing that information.
There is a "Send to Borrower" button on the Closing Disclosure (view) screen that becomes enabled once the appropriate status is designated.
Yes, you will be able to use SmartCLOSE if you use Doc Express.
You would continue to order title work from your LOS. You can invite your title providers to collaborate on the closing disclosure within SmartCLOSE.
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.
Yes
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.
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.
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.
Yes, integrations are planned with all of our partners.
There is no additional charge for adding documents to the disclosure package.
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.
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.
Yes. There is a fee charged to the lender for collaborating inside SmartCLOSE.