OpenClose has integrated its multi-channel loan origination system (LOS) with Timios Inc.’s proprietary pricing engine, the companies announced.
The integration enables OpenClose customers to draw all title and settlement fees directly from within OpenClose’s LOS, eliminating data entry, saving time and ensuring fees are fully accurate and compliant with the TILA-RESPA Integrated Disclosure (TRID) rule.
“Timios is a natural fit with OpenClose, as our comprehensive solutions work very well together, providing transparency via their centralized fulfillment model to simplify the calculation of settlement fees,” OpenClose Senior Vice President of Lending Solutions Vince Furey said in a release.
“Further, both of our customer support models are very hands-on and responsive, which is a significant attraction to our mutual customers,” Furey added.
Timios guarantees that all title settlement fees with are disclosed accurately in the Loan Estimate (LE) for TRID compliance from the day of origination through the transmittal of the final disclosure to the consumer.
“Timios is proud to partner with OpenClose to deliver the best pricing solution to lending partners throughout the country,” Timios CEO Trevor Stoffer said. “Like OpenClose, Timios has built a reputation as an industry leader for innovation, and OpenClose is a natural partner in driving transparency and simplification into real estate transactions. OpenClose users will never face another loss from mistakes because Timios’ pricing data is instant, accurate, and guaranteed.”