Initial Closing Disclosure
Initial CDs prepared early, with every fee checked.
The Initial CD Bot validates the loan data and documents, reconciles the fees and prepares the initial Closing Disclosure as soon as the file is ready, so it goes out early and compliant.
Talk to usWhat the Initial CD Bot does.
It monitors your pipeline for files that are ready for the initial Closing Disclosure.
It validates the loan data and documents against your procedures and the regulatory timelines.
It updates the loan file from the documents it reads, as your procedures direct.
It reconciles the fees with the figures from title and the settlement agent.
It catches any discrepancies before the CD goes out.
It prepares and sends the initial Closing Disclosure.
Exceptions go to your team.
In detail
What the Initial CD Bot checks on every file.
- The relevant documents in the file, read and compared with the loan data, so the file is current before the CD is prepared.
- Every fee, against the last Loan Estimate and the final figures from title, the settlement agent and other providers.
- Tolerance against the last Loan Estimate, so a cure is caught while there's still time to fix it.
- The loan terms, cash to close and closing costs, against the file and your procedures.
- The closing date and the three-business-day waiting period, so the CD reaches the borrower in time.
What your team will notice.
Earlier, cleaner CDs.
The CD goes out as soon as the file is ready, with documents and fees already checked.
Fewer cures and last-minute fixes.
Problems surface while there is still time to fix them.
Smoother path to closing.
Your closers start from a file that has already been validated.
A record of everything it did on every file.
Every action is in the audit log, so your team and your auditors can see what the Bot did and why.
Set up to your procedures.
Your procedures
Set up to the way your team works, inside your LOS.
Quality monitoring
Silverwork monitors quality for you, every day.
Adoption reports
Your managers see how much of the job the Bot is completing and where the team still steps in.
Fine-tuned after go-live
Improvement doesn't stop at go-live. We keep refining the Bot so it handles more and more of your files.
Every role
Bots for the rest of the loan.
The Initial CD Bot covers the initial Closing Disclosure. Each of our other persona-based Bots takes on another role in the loan.