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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?

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.

miker Wed, 11/18/2015 - 13:49
There's an entry for the APR on the Fee level. Will title be locked out of this question? Only controled by lender?

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

miker Wed, 11/18/2015 - 13:49
Can lenders pull out a comprehensive report summary at the loan level with data and specific fees?

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

miker Wed, 11/18/2015 - 13:49
Is there an option to pull loan level data showing fee name and amount for all the loans processed from my lender?

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.

miker Wed, 11/18/2015 - 13:48
How we are going to input the Loan estimate data for tolerance comparison?

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

miker Wed, 11/18/2015 - 13:48
How are variance cures handled? Any examples you can share?

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

miker Wed, 11/18/2015 - 13:48
Does SmartCLOSE give the title company the ability to add a new fee name that is not shown?

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.

miker Wed, 11/18/2015 - 13:48
Do you have to have e-sign to use SmartCLOSE?

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

miker Wed, 11/18/2015 - 13:47
How do we bring over the original costs disclosed for final comparison and cure if applicable?

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.

miker Wed, 11/18/2015 - 13:47
In terms of a CFPB audit, can one grant a READ ONLY view to them for an entire loan transactions period?

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

miker Wed, 11/18/2015 - 13:46
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