THE NEW RISK MANAGEMENT SUITE LUMENRMS BY CLOSINGCORP

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1 THE NEW RISK MANAGEMENT SUITE LUMENRMS BY CLOSINGCORP

2 TRANSFORMATIONAL PERFORMANCE

3 OUR DATA, YOUR ADVANTAGE Get Serious About Compliance Are you guesstimating your way through loan estimates? In today s lending world, that s a risk you can t afford. ClosingCorp provides closing data based on real-time, actual information that helps reduce the risk of compliance variance violations and burdensome operational costs. It s just one of many capabilities available today in LumenRMS the new risk management suite from ClosingCorp. The ClosingCorp Advantage Real numbers. Not estimates. ClosingCorp protects and preserves the best interests of lenders by improving the status quo. We are the only industry resource that provides you with actual closing cost data nationwide upon which to generate a loan estimate document. This equates to better business decisions for you and your customers. Data and Fee Management Leave it to the Experts All across America, lenders and mortgage origination professionals are opting out of managing the archaic and cumbersome process of collecting closing information. Instead, they re turning to ClosingCorp to provide actual closing data. Our proprietary database includes current verified rates from the nation s largest network of service providers within the closing industry, as well as, exact recording fees and transfer taxes from every corner of the U.S. Data Accuracy Gain access to actual rates and fees via our proprietary database, which encompasses nearly 20,000 service providers in more than 30 categories from title and settlement to well testing and everything in-between. Compliance Guarantee Protects lenders from variance violations related to appraisal, lender required services, title and lender s title insurance, owner s title insurance, recording fees and transfer taxes. Cost Savings Using actual data increases efficiencies and quality control that reduces labor costs and fines resulting from compliance violations. 3

4 LumenRMS AT-A-GLANCE A Dynamic Exchange o In ormation rom Pre uali cation to Post Application Delivers a More E cient and Transparent Operation. As the residential mortgage industry continues to evolve, lenders need increasingly advanced detection and decisioning solutions to mitigate risk. LumenRMS helps lenders shed light on possible third-party risk and gain greater insight. The suite incorporates data directly from the loan file; county property data; lender s business rules, requirements and preferred providers, as well as ClosingCorp s proprietary national data repository and algorithms to ensure RESPA compliance. The Lumen Risk Management Suite is composed of the following modules: PreQual Estimate Use the PreQual Estimate module to run closing cost scenarios for clients in the pre qualification phase, prior to needing a formal loan estimate. The solution also augments consumer websites with consistent data to facilitate mortgage comparison-shopping. Supply prospective consumers with instant access to estimated closing cost information using real-time rates and fees from providers in that geographic area Estimates based on a specific ZIP code or property address, as well as transaction type, purchase price and loan amount data Deliver consistency in closing cost data from initial prequalification to actual disclosure Loan Estimate Quote The only one-click guarantee-backed quote on the market. This solution is based on actual rates and fees from ClosingCorp s network of nearly 20,000 service providers, including appraisers, title and settlement services, owner s title insurance, government recording fees and transfer taxes as charged by state and local governments. Significantly reduces labor costs and RESPA tolerance violations Vendor verified rates based on nearly 20,000 service providers Accommodates preferred providers and special rates Mapping intelligence ensures accurate recording fees and transfer taxes RESPA compliance guarantee on the current GFE blocks 4 through 8 plus appraisal Monitoring solution provides alerts on changes to recording fees and transfer taxes as they occur in real time Audit trail transparency 4

5 THE LumenRMS DIFFERENCE Integrated Order Management ClosingCorp provides the most powerful and unique ordering solution available today with 100% rate transparency and quick click ordering. Submit, accept and monitor orders online Provide status points, appointment scheduling and electronic data delivery Set up simple notification capabilities Integrate with third-party platforms Closing Disclosure Data Following the work-flow from estimate to close has never been easier. The Closing Disclosure Data module enables lenders to seamlessly populate the Closing Disclosure using guaranteed rate and fee data with no surprises or fear of variance violations. Reconcile your final Loan Estimate Quote with the Closing Disclosure for peace of mind Vendor verified rates based on nearly 20,000 service providers including ClosingCorp s error testing and quality control management Accommodates preferred providers and special rates Data-Driven Analytics Using the nation s largest closing intelligence database, identify key issues, help formulate ongoing strategies and implement necessary workflow solutions. Provider Scorecards Industry Performance Benchmarking Analyze Market Trends LumenRMS offers a comprehensive suite of so utions to improve ef ciencies an miti ate thir part ris 5

6 DECISIONS BROUGHT TO LIGHT

7 OUR ECOSYSTEM Empowering You by Working Together ClosingCorp has an ecosystem of all things that do with closing and we understand that ecosystem. It s a web of closely interconnected players, all relying on each other to close and fund a loan successfully. Lenders rely on ClosingCorp to deliver the most accurate closing cost data possible. They also count on ClosingCorp to help expand their existing service coverage with a larger geographic footprint. Because of this, ClosingCorp created the most comprehensive network of real estate service providers in the United States. ClosingCorp s service provider program enables real estate service providers to effortlessly promote and grow their business to lenders nationwide, giving lenders a competitive advantage. The ClosingCorp network includes nationwide coverage from nearly 20,000 service providers delivering rates that cover more than 30 service and sub-specialty categories. Rates for 30+ Service Provider and Subspecialty Categories Inspection Asbestos Inspection Chimney Inspection EIFS Inspection Home Inspection HVAC Inspection Leader inspection Mold Inspection Pest Inspection Plumbing inspection Pool & Spa Inspection Radon Inspection Roof inspection Septic Inspection Thermal Inspection Underground Storage Tank Inspection Water Quality Inspection Well Inspection Consultants 203K Consultants Homebuyer Counseling Notary Engineering and Surveys Geotechnical Engineering Structural Engineering Land Survey Title and Settlement Title Insurance Escrow/Settlement Closing Attorney Other Services Appraisal Management Companies Energy Audit Home Warranty Natural Hazard Disclosure 7

8 2015 LUMENRMS BY CLOSINGCORP CLOSING.com LumenRMS