CUMAnet has selected Simplifile’s Collaboration and Post Closing services to provide credit union clients with a platform through which to exchange information with settlement partners, the company announced.
CUMAnet said Simplifile’s platform will facilitate its electronic document recording for mortgage satisfactions.
“Because CUMAnet is an end-to-end mortgage shop, including servicing, we have been aggressively working to digitize our operations from origination through post-production,” CUMAnet CEO Scott Moriarty said in a release. “Partnering with Simplifile has been congruous with that strategy and the effort to eliminate errors, reduce stare and compare data entry issues, enhance communications, improve borrower experience and be more efficient while lowering expenses.”
Simplifile’s platform enables lenders to share, collaborate, track, and audit data and documents from the initial loan application to title delivery. The system updates all file and loan status changes in real time, instantly notifying lenders and settlement agents.
“Simplifile Collaboration and Post Closing eliminate the back-and-forth between our closers and settlement agents,” Moriarty added. “Now all status updates, communications, and transactions are housed in a central location. We don't have to worry about tracking down trailing documents. Everything is in one spot, and it's very streamlined.”
Simplifile President Paul Clifford said collaboration solutions can help ease the friction that can occur between lenders and their settlement partners.
“With Simplifile Collaboration and Post Closing, lenders are able to create a digital connection point into their settlement partners that ensures the smooth exchange of data and documents in real time and ultimately closes the loop on the real estate transaction by electronically returning the final recorded loan documents, final fee information, and the final title policy,” Clifford said.