Escrow accounting is a crucial part of any real estate transaction, but it can also be one of the most harrowing. The closing disclosure (CD), which outlines the final costs for buyers and sellers, is an essential document for closing, and one small error in the fees listed on the CD can spell big trouble for a title & escrow company.
In escrow accounting, money in is money out. At the end of every real estate transaction, all the funds received by the title & escrow company must be disbursed to the various parties involved in the transaction. The CD outlines all of the charges from the transaction and specifies which are to be paid by the buyer and which will come from the seller’s funds. If the CD isn’t prepared correctly before the time of closing, it can cause unwanted delays as the title & escrow company scrambles to re-balance the file.
Preparing the CD can be a time-consuming and error-prone process, often involving manual data entry and tedious comparisons with lender documents. But what if there was a way to streamline this process, reduce errors, and free up valuable time for title & escrow professionals to focus on what matters most—building relationships and providing exceptional client service?
Introducing Qualia CD Processor, a built-in, AI-powered solution that transforms the way you handle closing disclosures.
The challenges of traditional CD preparation
Title & escrow agents know the pain points of manual CD preparation all too well:
- Time-consuming data entry. Manually entering CD charges from lender documents can take significant time, especially when those charges need to be updated multiple times throughout the closing process.
- Errors and discrepancies. Retyping fees or missing a fee update increases the risk of costly errors, leading to delays and frustration for all parties involved.
- Lengthy back-and-forth with lenders. Balancing charges and resolving discrepancies can prolong the closing process, potentially delaying closings and impacting partner relationships.
Qualia CD Processor: AI to the rescue
Qualia CD Processor uses the power of AI to streamline CD preparation and address these challenges head-on. Armed with this new tool, you’ll no longer have to manually type fees for every update provided by the lender. Instead, simply import the latest CD, and CD Processor will automatically add all new charges, highlight any updates, and allow you easily address any discrepancies with what you have on file. With CD Processor, you’ll:
- Save time: Quickly import fees directly from lender documents into Qualia, eliminating manual data entry and saving valuable time.
- Reduce errors: AI-powered technology compares fees, identifies inconsistencies, and flags discrepancies, minimizing the risk of costly errors.
- Minimize friction: Rapidly balance fees and resolve discrepancies, reducing back-and-forth communication with lenders and keeping closings on track.
“CD Processor is a huge time saver for our team. It imports all the new data from the lender accurately without having to retype everything, allowing us to see everything visually with only a glance.”
Blanca Monarrez, Escrow Officer, BS Title Team, LLC
Key features of Qualia CD Processor
Qualia CD Processor offers a range of features designed to streamline the CD creation and review process:
- Easily import CDs directly from your lender into Qualia, eliminating manual data entry.
- Review lender PDFs and orders side-by-side to easily update discrepancies and changes.
- Effortlessly add missing charges, modify fees, or revert to earlier data with a single click.
- Flag updates and discrepancies within an easy-to-use interface.
- Produce updated CDs quickly for a faster turnaround with your lender.
Gone are the days of going line by line through the lender’s CD to cross compare each charge with what you have on file. Let AI do it for you while you just double check its work.
Conclusion
CD Processor empowers you to take advantage of all AI has to offer, thereby saving time, reducing errors, and allowing you to focus on the tasks that require your expertise and a human touch.
As with all of our AI-powered tools, CD Processor is built directly into Qualia, giving you direct access to this powerful assistant and making it easier for you to scale your business and provide exceptional service to your clients.
Ready to experience the difference? Click below to talk to a Qualia Specialist and learn how our AI-powered tools can help amplify your team today.
