AREAL.ai announced the release of the Closing Disclosure Balancer Automation Tool, an AI-powered solution that allows lenders and their title agency partners to compare and balance closing disclosures to remain in full compliance with the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) rules.
“Different systems in use by the lender and its title agency partners means that the data that ends up on the closing disclosure doesn’t always match,” Argun Kilic, Areal’s CEO, said in a release. “This can be very bad in a purchase money market where delays can occur if the lender must re-disclose changes. Business referral partners have no patience for such delays as they know it degrades their customers’ experience and can cost them future business.”
AREAL.ai’s CD Balancer is designed to reduce the friction between industry partners with advanced software that flags every unmatching section on the closing disclosure, highlights any changes made and then sends the corrected data back to the various systems of record automatically, the company stated. “As a former mortgage closing specialist, I see this new software as a game changer,” Noah Cosentino, product manager for AREAL.ai, said. “AREAL CD Balancer benefits from the millions of pages of documents that have been processed by AREAL’s AI. This is the tool I wish I’d had when I was closing loans because it can reduce friction, take time and cost out of the process and increase borrower satisfaction. It’s the tool the industry needs now.”
AREAL.ai’s Rapid Order solution allows users to produce a title and escrow order within seconds. AREAL.ai's Closing Package Reviewer solution gives mortgage processors and title agents the ability to automatically verify the completeness of all buyer, seller, lender and notary documents within large documents and ensure that all documents are properly collected and executed.
These features are now built into many title and mortgage industry transaction management systems, and CD Balancer will work with any lender or title company technology, according to AREAL.ai.
The turnkey solution reportedly includes industry specific document understanding for over 1,400 document types, data extraction and workflow features that enables businesses in the title and lending verticals to eliminate the need for manual document processing, accelerate response times and scale their business capacity.