“Accessing the daily updates and not having to handle the challenges of managing bulk data files is huge.”
— Kamel Boulos, ClosingCorp’s CTO
ClosingCorp, an automated closing cost data firm, chose to integrate ATTOM’s Data-as-a-Service (DaaS) at the onset of the company’s three-year digital transformation plan. Founded in 2006, the company’s initial goal was to empower consumers to shop and compare insurance rates. Two years later, they formed Closing.com, a one-stop shop for residential mortgage closing services.
But, the San Diego-based company didn’t stop there. In 2010, ClosingCorp launched the first data technology service to deliver up-to-date information on everything from title and settlement fees to transfer taxes for all residential properties in the United States. This technology, known as SmartGFE, also provided updated information on real estate service costs and recording fees.
Thanks to new regulations, by the Consumer Financial Protection Bureau (CFPB), specifically the enactment of the 2015 TILA RESPA Integrated Disclosure rule, also known as TRID or the ‘know before you owe’ initiative, the company thought it was a good time to expand their offerings.
That’s when ClosingCorp broadened their services to include SmartFees, which go beyond the typical closing cost estimates. SmartFees aim to provide accurate closing costs, in real time, with just one click.
ClosingCorp is currently using ATTOM’s tax assessor and county recorder data to help drive the SmartFees platform. This helps the firm by allowing them to examine the various property attributes to help drive specific fees.
In fact, Kamel Boulos, the firm’s chief technology officer, said 20 of the top 25 mortgage lenders in the nation are now using the SmartFees service. Carrington Mortgage Services is one of those lenders. They process 2,500 and 3,000 loan originations a month and called SmartFees “a real lifesaver.” One executive from Carrington said they also use it on the wholesale side of their business to double-check their broker’s accuracy.
Another lender, Stearns Lending, noted that they expect their cycle time to be faster and interactions with service providers much more efficient, which ultimately enhances the borrower experience.
ClosingCorp originally chose ATTOM Data Solutions because they, “delivered competitive pricing and allowed permissible use of the data attributes based on our use cases,” said Boulos. Then, when ATTOM released Data-as-a-Service, ClosingCorp realized the value in such a solution. “It gives us access to daily updates and allows us to easily ingest the data into our platform,” Boulos explained. “Accessing the daily updates and not having to handle the challenges of managing bulk data files is huge.”
ATTOM has also helped ClosingCorp reduce the amount of time they spend updating the data in their platform. This has allowed the firm to better focus their resources on other critical functions.
Boulos went on to say the goal of ClosingCorp’s three-year digital transformation plan is to provide an industry-leading technology platform with the customer’s needs in mind.
He added, “Our company is combining big data capabilities with machine learning and artificial intelligence to develop solutions that will deliver actionable insights to our customers.” ClosingCorp takes pride in this mission because ultimately this will help their customers make informed, timely decisions.
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