From beginning to end the execution of settlement services is a chaotic process. Every loan is different and has the potential to change or fall through. Until now, this process was only designed for the completely organized, detail oriented individual who could keep track of the countless minute details that needed to be completed everyday to keep loans closing on time.
Settlement procedures begin as soon as the lender receives a contract. The originator is responsible for providing the client with a good faith estimate and contacting the attorney specified in the contract to order title. The lender is also responsible for ordering an appraisal of the property to be purchased, finding out the information on the homeowners insurance that the clients plan to use, and scheduling a closing. All of the information that is being collected by the lender is forwarded on to the processor. The processor is in charge of compiling all information and making sure that the information needed from the attorney and the appraiser gets back in a timely manner.
When the attorney receives an order for a title on a property they usually outsource the order to a title company who then has someone actually go to the courthouse to do the title search. The attorney is also responsible for getting the tax/escrow information and the payoff amount if any on the existing mortgage. All of this information is collected and relayed back to the processor for compilation
The processor has to wait to hear back from the attorney, the appraiser, and the lender. Their job is to keep up with all of these people and at the same time make sure that there are no changes along the way. The processor has to make sure that the lender has given all the information correctly, check back periodically to make sure there are no changes, and keep up with the attorney to make sure that all critical information is obtained in a timely manner so that the closing package can be completed and sent on to the underwriter.
With so many people participating on this single project the possibility of human error alone is tremendous. Human error does happen but more often than not it is a simple change in the contract that creates a ripple effect. If any of the information in the closing package is incorrect, the closing may be delayed and in some cases may not happen at all, affecting everyone from top to bottom.
What if you could add intelligence to this process without adding any extra cost to the process? What if you could add accuracy and efficiency that would cut your processing time by 75%?
Cogent provides a completely paperless solution to settlement services. We submit and track all files electronically and deliver your final closing package to you. That’s it.
- Fill out one form to order your settlement package, click submit and you’re done. From there, we do the work for you.
- Track all of your loans in real time in a centralized dashboard.
- No more phone calls, follow ups or tracking down lost documents.
Web access, electronic delivery, document accuracy and business intelligence - all included in Cogent services
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