CertifID + CloseSimple = Wow! (Acquisition) - Tom Cronkright and Bill Svoboda | S3E18

CertifID + CloseSimple = Wow! (Acquisition) - Tom Cronkright and Bill Svoboda | S3E18

Many real estate professionals, business owners and borrowers have had a less than stellar relationship with technology at one point or another during a transaction. By joining forces, CertifID Co-Founder and Executive Chairman Tom Cronkright and CloseSimple Co-Founder Bill Svoboda hope to achieve their mission of creating a closing process that is more secure, more automated and more consumer-friendly, and to do so at scale. They joined October Research Chief Knowledge Officer Mary Schuster on the Keys to Real Estate podcast for a conversation centering on how they aim to provide title and settlement professionals reduced friction, an improved customer experience and stronger fraud prevention at the same time.

Chapters:
2:36 – Why the Companies Joined Forces
6:32 – Consumer Expectations Have Changed
11:15 – Automation as the Missing Link
13:38 – Customer Care, Reviews, and Brand Trust
16:09 – The Biggest Friction Points in Closing
19:16 – Tech Fatigue and Vendor Consolidation
23:30 – Turning Fraud Fighting Into a Brand Advantage
27:04 – Why Security Now Needs to Be “Unapologetically Secure”
30:15 – What Happens Next for Existing Customers
33:31 – The Future of Closing in an AI World
36:45 – Fraud Education and the New Reality

Get In Touch...

For more on CertifID: https://www.certifid.com

For more on CloseSimple: https://www.closesimple.com

Tom Cronkright's email: [email protected]

Bill Svoboda's email: [email protected]

Host email: [email protected]

To find more episodes of “Keys to Real Estate” or learn more about October Research – the nation’s leading independent provider of market intelligence, industry news, expert analysis and regulatory information for professionals in the real estate, title, financial and settlement services industries – visit https://www.octoberresearch.com.

Episode sponsored by First American Trust – https://www.firstamtrust.com

Episode produced by October Research – https://www.octoberresearch.com

Watch more episodes

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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.

An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.

An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.

A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.

A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.

Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.

Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.

12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.

RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.

A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.

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