RealEC Interface with Closing Market. The Settlement Industry s Digital Marketplace

Transcription

1 RealEC Interface with Closing Market

2 RealEC & Closing Market Through the RealEC integration with Closing Market, the Title Company and Lender can communicate and share data with one another. Using Event Codes in Closing Market standardizes communication and streamlines the process. By the end of this video, users will be able to process RealEC orders in Closing Market per the lender s designated workflow. The following demonstration follows the Wells Fargo Vendor Expansion workflow. With the exception of different Event Codes, the functionality and process will remain the same regardless of the lender or order type. The purpose of this demonstration video is to walk through submitting information and documents using Event Codes per the workflow only. If you need assistance other parts of the RealEC or Closing Market process, please contact your management team.

3 RealEC Workflow On the Workflow diagram shown, the left hand column reflects the actions performed by lender. The right hand column indicates the action of the title company. In the middle column are the Event Code to be used in Closing Market, while the arrows indicate whether the information is either being sent to or received by the appropriate party.

4 RealEC Products In RealEC there are three different products available for Lenders to chose from: o o o Title Order Escrow/Closing Order Doc Signing Order Soon to be known as Appointment Signing. For this demo we will continue to refer to this product as Doc Signing. To follow are a series of demonstrations based on each product and the applicable event codes. Events shown may not match the true order of processing title and escrow work. In the first demonstration, we ll begin with a brief overview of the PaperlessCloser Alarm which notifies us when an order has been submitted.

5 PaperlessCloser Alarm The PaperlessCloser Alarm sits in the system tray and based on user settings, will check for new orders at various times throughout the day. When a new order has been submitted, the PC Alarm icon flashes and a pop-up window will display showing a New Order has been received. Double click on the PC Alarm icon to open the order screen.

6 PaperlessCloser Alarm Continued Orders that have not been processed are highlighted in Red. Double click on the appropriate line item to process the order and open in CCE.

7 CCE Order Notes Once the order opens in CCE, notice the events and other order details are included in the Order Notes on the Order Entry screen. This is a quick way to view RealEC events that have been processed without opening Closing Market.

8 Complete Closing Enterprise Now the order is open in CCE, we need to notify the Lender that the order and any products included have been accepted. Click the Closing Market icon on the toolbar.

9 Closing Market - RealEC RealEC displays at the top of the landing page. Click Complete to view the order.

10 Overview of Order Products An order from RealEC can include any of the three Products covered previously. Product tabs appear regardless if the Product was ordered. Products that have been ordered by the Lender will have a link to Add an Event. For example, the Add Title Event link appears under the Title Orders Events tab. The Product ordered must be accepted for each one under its appropriate tab. Note: An Event cannot be added until a Product has been received.

11 Accept Order On this order, all three Products have been ordered as noted by the Event Code 100 below each tab. This means each Product must be accepted. To accept, click on each tab, select the Add Event Link, and accept the Order by adding Event Code 130. We will step through how to accept the order on the Title Order Events tab but the process is the same for all Products.

12 Accept Order Continued Choose the Product from the drop-down list. If only one product is associated with the order, that Product is selected by default. Note: The EC 100 can be different based on the type of order such as a purchase or refinance. In this case the Title Commitment Product is set by default. For multiple Products, use the description and estimated timestamp of when the order was received to make a selection. To accept the order per the workflow, select EC 130

13 Accept Order Continued Depending on the lender, different fields will appear for an Event. The fields indicated in Red are required. If necessary, enter a comment and click Submit when finished. At any time, click Start Over to exit out of the Event Code without saving changes.

14 Event Code History Closing Market will maintain a history of Events, including ID number, Request Date, Event Code and Description, and Requester information. The Event Code history can also be found within the file in CCE under the Notes section of the Order Entry screen. The Excel icon will export the Event History into a MS Excel spreadsheet.

15 CCE Order Notes Remember, in the CCE Order Entry screen, a history of all inbound and outbound event are reflected in the Order Notes section as well.

16 Commitment/Prelim & Data Submitting Title Commitment/Prelim and Data to Lender Next, we ll assume the title work has been completed and documentation is ready to be sent to the Lender. From the file in CCE, click on the Closing Market icon. When the landing page opens, click the Complete link for RealEC. Click Add Title Event under the Title Order Product tab. Note: Refer to Slides 5-7 for screen shots if desired.

17 Commitment/Prelim & Data The product for Title Commitment will be defaulted. Click the Event Code dropdown to select the appropriate EC. Per the Workflow, use EC 150 when submitting the commitment/prelim and EC 385 for the data file. Notice, there is no EC 150. While it may be tempting to select EC 180, refer back to the workflow rather than choosing another event from the drop-down.

18 Commitment/Prelim & Data Continued In the detailed portion of the event on the Wells Fargo Workflow, EC 537 is shown as an option. It is a packaging event which will include both EC 150 and EC 385. This is the correct option and the one we ll choose here in Closing Market.

19 Commitment/Prelim & Data Continued Once selected, the Event will open to show the appropriate fields to be completed. These fields can vary based on the Lender. Note: It is acceptable to copy and paste information from other programs into Closing Market.. Fields marked in Red are required.

20 Commitment/Prelim & Data Continued After the the EC 537 fields, prior to Submit, there will be a Documents section. From here, select the check box next to the document(s) to be included with the event when submitted. On each document, be sure to select the Document Type, Status of either Draft or Final, and enter Version number. Click Submit when finished.

21 Confirmation After clicking Submit, a Transaction Results screen displays confirming the Event was submitted successfully with a Provider Order ID number, also referred to as the RealEC Transaction ID. Note: Detailed order notes can be found for every event (sent and received) from within the file s order entry screen in CCE.

22 Missing Documents in CM Next, we ll cover what to do if documents do not appear under the Documents section in Closing Market. If the documents needed do not appear, exit Closing Market and return to file in CCE. Note: Information entered in the fields will not be saved Document(s) must be Published to PaperlessCloser from within the file in CCE prior to opening Closing Market. There are two ways to publish documents in CCE: CCE Web Publishing CCE FileScan

23 CCE Web Publishing If the document is saved on a Desktop or Share folder on the network, click the PaperlessCloser Web Publishing icon and select the Published Documents tab. Click the Add icon, and enter the Document Description. Browse to the document to be attached using the folder icon and click OK.

24 CCE FileScan In FileScan, locate the document. Right click and select Publish to PaperlessCloser. Whether using the Web Publishing or FileScan option, the document(s) should now appear in Closing Market. Return to RealEC, select the appropriate EC, re-enter the information, and select the document(s). Click Submit.

25 Comments & Actions Throughout the life of the order, the Lender and Title Company will need to communicate information related to a Product. Event Code 220 is to be used for general comments and when no action is required. When additional action is required by either party, select Event Code 222. Both codes are applicable to all order types and Products. However, depending on the Product, Event Codes 220 and 222 can mean different things. Always refer to the RealEC Workflow document to ensure proper use of EC 220 and 222.

26 Comments & Actions Continued For example, when used for Title Orders, the Lender will use EC 222 (an action) to notify the Title and/or Escrow Company to obtain a payoff. EC 460 will be used by the Lender to provide the Title and/or Company with the borrower s authorization.

27 Comments & Actions Continued In turn, the Title and/or Escrow Company will use EC 220 to notify the Lender the payoff has been ordered and the statement has been received.

28 Other Codes and Documents There are additional Event Codes that can be used throughout the life of the order. As mentioned previously, Event Codes 220 and 222 are used to communicate various information. In some cases, other Event Codes are included along with EC 220 and/or 222. For example, Event Code 180 is to be used for submitting documents other than the commitment, CDF or other closing package documents. Lastly, there are certain codes which can be used to communicate very specific information such as Event Codes 325 and 240. These are not related to any Products. Always refer to the RealEC Lender Workflow.

29 Clear to Close To close out the Title Product Order workflow process, we ll assume title has been cleared to close. Once again, we ll continue to use the Wells Fargo Vendor Expansion Workflow for demonstration purposes. Note: It is possible multiple processes will be occurring simultaneously on an order.

30 Clear File to Close When a file is cleared to close, the Title and/or Escrow Company will use EC 500 to notify the Lender.

31 Title Order History Here is an example of a history of Events that occurred throughout the Title Order process using the Workflow Event Codes in Closing Market.

32 Escrow/Closing Order Let s step through the Escrow/Closing Order workflow process. Note: It is possible multiple processes will be occurring simultaneously on an order. We ll continue to use the Wells Fargo Vendor Expansion Workflow for demonstration purposes.

33 Escrow/Closing Order Continued When ready, the Lender will send Closing Instructions to the Escrow Closer using EC 431; and will use EC 432 for any needed revisions after the Escrow Closer has submitted the first estimated CDF for approval.

34 Escrow/Closing Order Continued Upon receipt of receiving the Closing Instructions from the Lender, the Escrow Closer will use EC 406 when first submitting an Estimate CDF back to the Lender. For subsequent submissions of the CDF to the Lender, the Escrow Closer will use EC 433.

35 Escrow/Closing Order Continued To submit the CDF to the Lender for approval, launch Closing Market from the file in CCE. Once in RealEC, select the Escrow/ Closing Order Events tab and click Add Escrow/ Closing Event. Note: The CDF must be Published to PaperlessCloser prior to opening Closing Market.

36 Escrow/Closing Order Continued Once the Event has opened, complete the required information. From the Documents list, choose the CDF Settlement Statement. Be sure to select the appropriate Document Type and Status. Enter the Version and number of Pages. Click Submit.

37 Escrow/Closing Order Continued The Lender will use EC 434 to notify the Escrow Closer the CDF is approved. In response. the Escrow Closer uses EC 435 to submit the final version of the CDF. Upon receipt of the final CDF, the Lender will use EC 220 to indicate the closing package has been sent. Note: Closing packages are sent via Elinks and/or through Closing Market.

38 Doc Signing Orders Next, we ll step through the Doc Signing Workflow Process.

39 Doc Signing Continued Once the closing package has been sent, the Lender will request an update on the closing location, date and time using EC 310. To respond with the appropriate EC, the Escrow Closer will open the Doc Signing Order Events tab and click on the Add Doc Signing Event link.

40 Doc Signing Continued When the link is open, the Escrow Closer will select EC 410 and fill in the appropriate fields. Click Submit when complete. Note: Fields in Red are required.

41 Doc Signing Continued Following the closing, the Escrow Closer will review the package for completion, if any documents have not been executed properly, the Escrow Closer will use EC 220 and/or EC 222 to communicate the details to the Lender. This process will continue until all the documents have been signed and executed properly. At that time, the Escrow Closer will return to the Escrow/Closing workflow process to continue as the Doc Signing is complete.

42 Escrow/Closing Order Now we will step through the remainder of the Escrow/Closing Order process.

43 Escrow/Closing Order Continued When ready, the Escrow Closer will notify the Lender using EC 180 and upload any critical document(s) to the Lender using Doc Type POSTCLSDOC. All other documentation is delivered per the closing instructions.

44 Escrow/Closing Order Continued Once the EC 180 has opened, complete the required information. From the Documents list, choose POSTCLSDOC. Be sure to select the appropriate Document Type and Status. Enter the Version and number of Pages. Click Submit.

45 Escrow/Closing Order Continued Once the Lender reviews the executed documents, funds the loan, and sends the breakdown with approval, the Escrow Closer will receive notice via EC 220. After the post closing process is complete, the Escrow Closer uses EC 734 to notify the Lender.

46 Escrow/Closing Order Continued In EC 734, complete the information required and select documents for upload, if applicable. Red indicates required fields. Click Submit.

47 Policy Delivering the Final Policy(ies) is the end of the process. This is done within the Title Product Order tab in Closing Market.

48 Final Policy The Policy Production Department of the Title and/or Escrow Company will use EC 780 to notify and deliver the Final Policy. The Title and/or Escrow Company s existing process of delivering hard copies will remain the same.

49 Actions & Other Documents To upload additional documents, other than the commitment/prelim, the appropriate EC is 180. As with other interactions, EC 180 can be used in conjunction with EC 220 and/or 222.

50 Misc Event Codes At any point throughout the order process, the Lender may use Event Codes that are not connected with a particular Product to notify the Title Company the loan contact information has been changed or to cancel and Order. Always refer to the certified RealEC workflow.

51 Review Through the RealEC integration with Closing Market, the Title and/or Escrow Company and Lender can communicate and share data with one another. Using Event Codes in Closing Market standardizes communication and streamlines the process. Title and/or Escrow Company users should now be able to process RealEC orders in Closing Market per the Lender s designated workflow. While this demonstration followed the Wells Fargo Vendor Expansion workflow, the functionality and process remains the same regardless of the Lender or Order Type. Following the Lender s certified workflow is a critical part of participating in the RealEC integration.

52 Need More Information? Any questions, please contact RamQuest Support at Or Support at