ClosingCorp® Smart Fees

1.   GetTaxQuestions

This request retrieves all the required questions, based on the loan information which is needed to accurately calculate Recording Fees and Transfer Taxes.

2.   QuickGFE

This request creates a new LoanEstimate file with answers to tax questions and returns all the data (including calculated fees) from the new LoanEstimate file.

SmartFee QuickGFE

SmartFees is a ClosingCorp's product that integrates loan file information, transfer tax, recording data, service fees and lender business rules and requirements, all in a single solution. SmartFees delivers actual rates and fees, not estimates.

• SmartFees uses the QuickGFE to obtain a non-guaranteed quote, that is used to pre qualify a borrower for a loan that compares rates for different loan scenarios.

• The SmartFees file can be upgraded to a full guaranteed quote when the borrower has decided to proceed with a loan scenario and a Loan Estimate document is needed.

In a FinConnect request, the required property to specify a quote type is added into serviceOrder container as shown below.

• The QuickGFE response will include all the fees and taxes returned in the response when the file is created, the difference is that the service provider information will be missing and a Guarantee Report will not be returned since the quote is not guaranteed.

3.   GetServiceProviders

This request retrieves all possible Service Providers for a specific Service Type and for a specific LoanEstimate file.

4.   SelectProvider

This request selects one of the possible Service Providers for a specific Service Type and for a specific LoanEstimate file.

5.   Get GFEData

This request Retrieves updated loan data (including updated Service Provider) from the existing LoanEstimate file. GetGFEData method should be initiated to request for the final data, on the SmartFees file. The response will have all the data and calculated fees in the SmartFees file. GetGFEData method should be called each time while there is a need to get the data for the SmartFees file, this includes the instances where in a file is created or updated. It is recommended to ignore the data returned in the response by UpdateGFE and QuickGFE for fee information.

6.   UpdateGFE

The UpdateGFE request allows clients to update the transaction details and property characteristics of a GFE file. This action will cause the LoanEstimate services to revalidate selected providers, rates, fees and endorsements. The response will be either success or failure for the file being updated.

SmartPreQual

• Initiate the UpdateGFE to change the state of the file from PreQual to FullQuote.

• The user should then initiate GetGFEData to retrieve a full response with all provider information along with the fees and taxes matching the PreQual quote.

In a FinConnect request, the required property to upgrade an existing SmartFees file in PreQual state to a full guaranteed quote, the request is added into the criteriaList container as shown below:

7.   AddVerticalsToGFE

This API adds an additional service to an existing SmartFees file. The AddVerticalsToGFE API is invoked when an additional service needs to be added to the SmartFees file that was not automatically added when the file was created.

8.   GetPropertyTax

The property tax feature in SmartFees provides lenders the opportunity to incorporate property taxes earlier and with greater accuracy. Property taxes provided through SmartFees includes assessor and payee information, tax lines, tax amounts, and discount or delinquent dates.

When PropertyTax is enabled on the customer account, FinConnect receives a status while  invoking QuickGFE, UpdateGFE, AddVerticalsToGFE, and GetGFEData APIs. This status  displayed in the in the container <Services> indicates whether the PropertyTax service is "Complete" or "InProgress".

<Services>

  <Service ServiceType="PropertyTax" Status="In Progress" />

</Services>

If the "PropertyTax" status from UpdateGFE, AddVerticalsToGFE, and GetGFEData is "In Progress", FinConnect periodically invokes GetPropertyTax to retrieve the status. When the status is 'Complete', property tax information is returned in the response to GetPropertyTax.

The property tax data will not be returned in QuickGFE or GetGFEData. Instead, this information is accessed through a GetPropertyTax API.

Note: The customers have to sign a contract with CoreLogic® and get their own credentials to avail property tax services from ClosingCorp.

Click to view a sample Compliance Certificate report with property tax details.

Click to view ClosingCorp APIs' sample request and responses.