General
What is SmartFees?
SmartFees is a service that provides and populates data for the Loan Estimate. We maintain a database of provider data and fees for Title, Settlement, Appraisal, Recording Fees, Transfer Taxes, and additional Inspection Fees.
To learn more about SmartFees, visit the SmartFees product page.
How does the service calculate Recording Fee & Transfer Tax Data?
SmartFees populates the Recording Fee and Transfer Tax data from our proprietary database, called DART. The DART team maintains this data for all taxing authorities and recording offices nationwide to ensure the data is up-to-date at all times with the most current calculations for these fees.
How does SmartFees determine the provider that defaults on a file?
The logic in the system is to default to the preferred provider that is closest in proximity to the subject property. There are options available to override this default, such as configuring preferred providers, as well as provider allocation rules. Contact your Cotality Client Success Manager for more details.
Why am I seeing the error "There was an error exporting your data: Rate-Check Failed"?
This error returns when there has been an update to the provider’s rate card in between the time the provider was added to the SmartFees file and the fees are now being exported. To resolve this error, you should select the "Select Provider" link and then re-add the provider to the file.
What does the error message "Property Value is out of bounds" mean?
SmartFees only supports loan amounts up to $20M, so any loan amounts over this threshold will return this error.
What does the gold star next to the providers name mean?
Providers in the SmartFees file will have a gold star next to their name when they have provided negotiated rates specific to your company.
How long is a SmartFees file good for?
SmartFees files are active for 180 days from the date that they are created. The file can be updated as many times as needed during that period, but after 180 days, the file will expire, and users will no longer have access. If updated fees are needed after this time, you will need to create a new SmartFees® file.
Where can I access SmartFees product Release Notes?
You can access the SmartFees Release Notes link at the bottom of the application, in the lower navigation bar.
Encompass®
What does the error message "An error occurred while parsing the request" mean, and how can I resolve it?
The parsing error occurs when there's an invalid character in a loan field we pull from Encompass®. To resolve this, make sure that none of these fields contain special characters, such as "&, @, %, $, ;". In many cases, the invalid character is found in the borrower or seller information in the File Contacts (under Tools), but it could be in any other field that our service pulls from.
What should I do if I receive the error "Your Closing Corp account has not been configured"?
This error is most common when lenders attempt to access one of our lower environments, such as SIT. The error means the Encompass® Client ID that we have configured does not match the ID of the Encompass® instance they are using. Contact your Support or your Client Success Manager for assistance.
What should I do if I receive the "Invalid Credentials. Please try again." error message?
This error is also common when trying to access one of our lower environments. Contact your Support or your Client Success Manager for assistance with getting the correct credentials for SIT, as they are different than the Production credentials.
SmartFees Claim Submission Process
Where can I access the SmartFees Claim Form?
Access a copy of the SmartFees Claim Form by clicking Download below.
I just submitted a claim via support@closing.com. When will i hear back from Cotality™?
Cotality has thirty (30) business days to process claims and will respond via email once the claim review process is completed.
If a claim is valid, how will we be reimbursed?
If a claim is valid, Cotality™ will prepare a valid claim response to the lender that states the reimbursement amount which will be credited on the next invoice.
If a claim is valid, what could be the possible reasons?
The possible reasons for a valid claim include:
Cotality™ Data Error: Cotality™ incorrectly entered the rate and fee information displayed in the SmartFees Service.
Stale Data: There was an update made to the rate and fee information in the SmartFees Service after the Transaction Detail Report was generated. While the current rate and fee information matches those figures on the CD, the stale data disclosed at the time the Report was generated was the cause for the violation.
If a claim is denied, what could be the possible reasons?
Possible reasons for a denied claim include:
Missed deadlines, per contract. This invalid reason code is used when a lender has not met one of the deadlines below, as outlined in their contract.
Loan Estimate (LE) Document disclosed within three (3) business days of using the SmartFees Service.
Closing Disclosure (CD) Document not dated within sixty (60) days of the corresponding LE.
Completed claim submission form, and all supporting documentation, not submitted to Cotality™ within thirty (30) days following the consummation date identified on the applicable CD.
User Error. This invalid reason code is used when a SmartFees® user incorrectly uses the Service and the violation could have been avoided. Examples include:
User did not indicate the need for a Power of Attorney document to be prepared and recorded.
User entered the incorrect loan amount or purchase price.
User did not indicate that individuals are either being added to or removed from title or enter the correct taxable value transferred in the SmartFees® Service.
User did not select the same title/settlement company within the Service that is displayed on the CD document.
User did not disclose fees disclosed on SmartFees® Transaction Detail Report on corresponding LE.
Third Party Error. This invalid reason code is used when a settlement provider has incorrectly calculated recording fees and/or transfer taxes. We research each claim and once we are able to confirm our figures (based on the data entered into the Service), we will provide you the laws, rules, and codes that support our calculations. While Cotality™ is unable to reimburse the lender for the cure, this denial claim response helps the lender follow up with the provider and seek possible reimbursement due to their error.
What if there is a claim for transfer taxes/recording fees and the providers don’t match on the Transaction Detail Report and Closing Disclosure (CD)?
Transfer tax and recording fee claims do not require that the providers match on the Transaction Detail Report and the CD. Cotality™ guarantees transfer tax and recording fee data regardless of the provider used.
What if we receive a preliminary Closing Disclosure (CD) from the provider we selected in the SmartFees Service and their rates/fees are different than what we disclosed? What if the terminology is different than what we have disclosed?
Our Guarantee covers rates and fees obtained from our Service, not fees that you receive independently from the provider. If you receive different rates/fees from a provider, then email support@closing.com, and we will contact the provider and update their listing within our Service for future files, if needed. If you suffer a cure based on the different fees displayed on the CD, then submit this claim to Cotality.
Since Cotality™ is not involved in the creation or review of the CD, it is up to the lender and the provider to ensure that consistent terminology is used on the CD to be in line with the Loan Estimate (LE) and Transaction Detail Report. If we are able to confirm that the same services were conducted that were disclosed on the Transaction Detail Report and LE, but labeled or lumped differently on the CD, we cannot be responsible for cures suffered.