Residential Mortgage Closing System

Closer is Metavante’s complete mortgage closing module that can be used in conjunction with Agent and Processor for seamless loan automation and workflow productivity. A loan application is submitted to a central database by a loan officer or mortgage broker using Agent, the processor tracks and processes the loan and the underwriter underwrites the loan using Processor, and finally the loan is closed using Closer.

Part of the complete LOS solution

Closer is part of the complete Loan Origination Studio(LOS), which includes other core application modules: Agent (point-of-sale) and Processor (processing & underwriting). Add-on tools available for LOS include: Workshop (toolkit for customizing the LOS system), DataSynch and FileSynch Servers (data and system file synchronization), and Loanportal (third-party servises portal).

Stand-Alone,Thick Client and Thin Client

Loan Origination Studio can be configured in stand-alone, thick client and thin client deployments – all with the same functionality and user interface. All configurations use identical code base, allowing for rapid expansion into new markets and channels. Also, changes only need to be made once for all users and configurations.

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	Key Features

Closer Functionality:

HUD–1

Detailed HUD–1 settlement statement screens for final review, input and production, including settlement charges, commissions, fees, paid-in-advance and reserve, title changes, recording and transfer charges.

Key Dates

Tracking of key dates: submit to closing, order docs, note date, meeting and settlement, must close date, closing, funding, accrual, first pay, submit to shipping and investor.

Forms

Closer supports standard VMP Electronic Laser Forms (VMP license required).

Instructions

Detailed closing and escrow instruction screens for final review, input, production, including closing agent, list of documents, deductions, title policy and hazard insurance.

Post Closing

Closer provides Form 1098 Mortgage Interest Statement module, Wire Transfer Instructions, Check Request and Transfer of Servicing modules and associated forms.

Delivery

Documents can be delivered via hard copy print out, or e-mailed in PDF file format.

Key Features:

Benefits:

Security Manager

Controls system access via client-server and/or web, with unique rights profiles defined for each user group.

Multiple Loan Types

Supports conventional, FHA, VA, 203K, USDA/Rural Housing loans, firsts, seconds, purchases, refinances, among others.

Mortgage Documents

Supports standard VMP documents with ability to add unlimited custom documents.

Automatic Document Selection

Build rules to automatically select all necessary mortgage
documents for end-users based on lender defined criteria.

Online Services

Loanportal service gateway includes credit, automated
underwriting, flood, fraud detection, appraisal and other
services.

Modifiable/Expandable

Modify virtually any part of the system (screens, workflow, tabs, style sheets and reports) to meet your unique lending needs.

Automatic Software Updates

Automatic file synchronization for remote laptops and PC’s
and distribution of software changes.

Management Reports

Standard and customizable reports for individual loan officers and managers to measure performance and take action.

Workflow

User-friendly visual interface enables lenders to manage and
monitor business processes, and easily change those processes for maximum efficiency.

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