CD Balancing FAQ
Here are answers to some of the most common questions about Snapdocs’ CD balancing capabilities.
Q: We send “extra” documents to title when we kick off balancing, are you able to pull these?
A: Yes we pull these documents via eFolder and send to title. These documents are used to verify values on the CD and to gather a page count for recording fees.
Q: Can we add users other than the closer and title agent to the balancing entry?
A: Yes, you can add any lender or title contacts to the entry so they can follow along with the status of the balancing entry.
Q: How will this integrate with the closings product?
A: Right now it does not integrate with the closings product (outside of a link to the entries being available in the new left panel). However, we have plans down the line to automate re-draws into the closings product when the CD information changes.
Q: Since title has so many different names for fees, how do you match title fees to lender fees?
A: Title companies and lenders do not always name fees exactly the same. For instance, a lender may call a fee “Appraisal Fee” while a title company may call a fee “Appraisal”. In order to directly compare these fees in our UI, we must equate fee names that are slightly different.
The lender has a dropdown (enumerated list) of fee names in Encompass that they can choose from. We need to gather this list prior to launch to load into our system. We allow lenders to re-map fees in our UI and save this association for future CDs.
Since there are an unlimited number of options for what a title company can name their fees (their fees are free text), we will not always have a deterministic match for a title fee. While a user can re-map this fee manually in the UI, it takes time to do so and decreases the efficiency of our tool. Therefore, we built a probabilistic fee matching algorithm to guess which lender fee is associated with the title fee.