Customer

A premier provider in the title insurance and real estate settlement services industry that employs more than 500 personnel nationwide.

Existing Process

The recovery of the real estate market had generated a sudden spike in closing rates. As a result, our client experienced a substantial increase in the time and effort required for data entry during the preparation of HUD-1 forms, which contain many different sections and lines. Users had to go through lenders’ closing instruction files and enter this data manually. Users were also required to calculate and verify each of the various fees associated with the closing process before entering them into the HUD-1. In their existing environment, processing HUD-1 forms took between 30 and 55 minutes; our client’s capacity to serve their nationwide customer base was quickly outstripped by the sudden increase in workload.
Our client needed a way to accelerate the settlement process that did not compromise data integrity. To accomplish this, an automated solution was required that would eliminate manual fee calculation and data entry, allowing for quicker HUD-1 processing.

AtClose Solution

The Auto HUD module of AtClose automates the tedious task of preparing HUD-1 forms.
Thanks to its cloud-based design, our client was able to seamlessly integrate AtClose with its existing platforms. Once ensconced within their production environment, AtClose allowed our client to easily streamline their closing process as it adapted the lender’s closing instructions. The solution’s Auto HUD module calculated fees easily and accurately, generating a RESPA-compliant HUD-1 settlement document that incorporated data from the Good Faith Estimate.
Since many of our client’s closings involved multiple buyer and seller names, the Auto HUD module was configured to support this option. They also benefited greatly from this module’s auto-email functionality, which lets users instantly email statements to other personnel working on a particular closing. This feature helped users across multiple locations to collaborate more easily, and drastically reduced the time it took to close a file. This new HUD-1 preparation process also allowed users to make important amendments, such as adding extra lines that a particular file might require.

Business Benefits

Using AtClose, our client experienced remarkable gains in productivity. Users could now generate HUD-1 forms automatically and within minutes. AtClose offered them an efficient and flexible option to fit its closing needs.

Customer

A leading Title and Escrow company.

Existing Process

Our client was using different applications for various types of title, closing and valuation orders. In order to prepare fortnightly invoices and payments, processors in their Operations department had to generate reports from these applications and systems, and send these reports to the Accounting department. The Accounting staff would then manually enter this data into their accounting system, and finally generate invoices for customers and issue payments to vendors.

Because of the manual nature of this procedure, it was slow, prone to error, and required frequent follow-ups. Additional personnel were required to verify the data and correct any errors they discovered, which increased operational costs and made vendor management highly challenging.

AtClose Solution

The AtClose team developed a solution that automatically transferred data from the Operations department into the accounting system every night. In this way, all orders that were processed over the course of a workday became available for invoicing and issuing payments by the following morning.

The solution’s design allowed AtClose to identify GL codes, map fee amounts, and enter these items into the appropriate chart of accounts in the accounting system using the correct format. In addition to daily transactional data, the solution automatically propagated any changes in customer or vendor billing information to the accounting system.

Business Benefits

AtClose’s automated solution improved our client’s productivity. Their Accounting team no longer had to spend time entering data, which gave them more time to focus on their core responsibilities.

More regular and frequent updates from the Operations department improved the Accounting team’s ability to issue and track invoices and payments to customers and vendors in a timely fashion. This improved customer and vendor relations and reduced the incidence of delays, disputes and other issues.

Eliminating unnecessary manual entry led to drastic reductions in costly errors, prevented missing payments and receivables, and simplified the reconciliation of records in the Accounting department.