SmartFees™ Features Overview

The Transaction Detail Report compiles information from the SmartFees file for the purposes of the guarantee. The report is a Base64-encrypted document and is returned as part of the GetGFEData when the transaction has a loan number and a full property address.

• If your organization uses smartfees.com to access the SmartFees application, you can generate the Transaction Detail Report by clicking the Create Guarantee button located at the bottom of the Fees tab.

  

  Note: The Create Guarantee button is available only in the smartfees.com application. If you access SmartFees through Encompass, you will not see this button. Instead, the Transaction Detail Report becomes available after you export the data from SmartFees to Encompass by clicking the Export to Encompass button.

• You can access the Transaction Detail Report, as well as previous versions of the report, on the SmartFees Reports tab by clicking the View Report button.

  

• Example Transaction Detail Report

TILA-RESPA Integrated Disclosure (TRID) guidelines require the Lenders and Owners Title Policies to be disclosed using the full Lender's Title Insurance Premium with the adjusted Owner's Title Premium amount on the Loan Estimate (LE) disclosure. SmartFees provides TRID compliant fees using the Title Rate Allocation (TRA) feature.

• You can access TRA fee details on the Fees tab of your SmartFees file by clicking the Details hyperlink under Title Insurance. The allocation is also available in your file’s Transaction Detail Report.

  

• As an accommodation, SmartFees also displays the actual title premium amounts within the allocation breakdown. However, these amounts are not currently passed back through integrations.

  

The Edit Recording Fees/Transfer Taxes link, available on the Fees tab, lets you add additional document types to your SmartFees file to obtain recording fees for and adjust page counts for recording documents.

1. From the Fees tab of your SmartFees file, click Edit Recording Fees/Transfer Taxes.

2. To add another document for recording, click Add/Edit Additional Documents.

3. In the pop-up window, select the checkbox next to the document type you want to add, then click Add Documents.

4. If applicable, use the recording fee fields to adjust recording counts, such as the number of pages or the number of names being recorded.

   Warning: Adjusting the page count defaults can impact the guarantee on your SmartFees file.

5. Click Calculate.

6. Confirm your selection(s) and fee amounts.

7. Click Save to File.

Service providers referred to the Cotality network have the option to display negotiated rates for any lender they work with. Lender-specific negotiated rates are only visible to that lender’s account and are not visible to other lenders using the provider network.

A gold star next to the provider name in SmartFees indicates that the rates are negotiated.

Fee Mapping is an important step to ensure your disclosures are accurate and compliant with your system application. Take special care when completing the fee mapping worksheet, as this process is used to export fees back to your Loan Origination System (LOS).

When you complete fee mapping, you will:

• Designate disclosure sections for all fees exported from SmartFees

• Assign lender-specific fee names (aliases) for each SmartFees fee to ensure compliance and avoid alerts

• Identify APR fees

• Designate specific lines in your system application for the fees to map to

Refer to the Fee Mapping documents provided by your Client Delivery Manager for detailed instructions.

By default, SmartFees files include the following fee categories:

• Title Insurance

• Settlement Services

• Recording Fees

• Transfer Taxes

As explained in the Templates feature, you can add additional Inspection Service Provider fees to the default setup or suppress them for specific SmartFees files. You can also manually add Inspection Service Provider fees to a SmartFees file at any time.

1. From the Fees tab, click Add Additional Services.

2. In the pop-up window, select the service you want to add from the dropdown list, then click Select Provider. The provider will be added to your SmartFees file.

   Tip: Review SmartFees Service Provider Fees & Definitions for a full list of Inspection Fee categories and definitions.

The Audit Log tab is a view-only feature that allows you to review all historical changes made to a SmartFees file. It shows the date of each change, the type of update made, the previous and new values, and the name of the person who made the change.

Use the SmartFees Document Library to access client documentation and forms related to SmartFees. This library is available to all SmartFees account administrators. To access it, sign in to SmartFees using your administrator credentials, then select the SmartFees Document Library link at the bottom of the application.

Each SmartFees account configuration, such as for a branch or business channel, starts with a base default template. This template typically includes fee verticals for:

• Title Insurance

• Settlement Services

• Recording Fees

• Transfer Taxes.

From this base template, you can create additional templates to add or suppress other provider verticals available through SmartFees.

Example: You can configure a template to always include a provider and associated fees for Pest Inspection on all VA loan files.

Templates can be configured with the following options:

SmartFees automatically populates providers on a file when it is initially created. By default, the application selects the provider closest to the subject property. This feature can be used when there is a requirement to auto-select specific provider(s) based on one of the options below:

This flag is passed from SmartFees to your integrated Loan Origination System (LOS) and designates a provider from your Corporate Preferred Provider List as an ‘Affiliate.’

To enable this, SmartFees Administrators must submit a Provider Referral for your affiliate provider. This ensures their negotiated rates are collected for your company and adds them to your account as an affiliate.

This feature allows SmartFees Administrators to search providers in the Cotality public network and mark them as excluded so they are no longer available to account users.

• Providers added to the lender exclusion list will not appear on the Select Provider page or in any service provider list, and they will not be available for selection on any SmartFees file.

• You can add or remove providers from the exclusion list as needed.

• To manage the exclusion list, you must access it through smartfees.com.

Tip: Refer to How to Manage the SmartFees Provider Exclusion List.

The Who Pays Rule for Transfer Taxes feature displays the buyer and seller portions of transfer taxes using our proprietary database and business rule engine. When this feature is not enabled, all transfer taxes are allocated as borrower-paid, and you will not be able to edit the split in the system.

The following table shows how the system allocates any buyer/seller split based on the Rule Strength set at your lender account level.

Additional Information on the Who Pays Rule

• Suppress Seller Paid Amounts

  Select this checkbox to prevent the seller-paid portion of transfer taxes from exporting to your integrated Loan Origination System (LOS). This feature is only available with an LOS integration and not for users accessing SmartFees through the web.

• Lock Tax Splits

  Select this checkbox to lock the buyer/seller split that you entered for all future calls to the service. If the box is not checked, the next time you make a call to the service, the tax split will revert to the system default based on the Rule Strength set for your account.

Access the Who Pays Rule features

1. On the Fees tab of a SmartFees file, click Edit Split. The Buyer/Seller Split screen appears.

2. Enter a percentage amount in the Buyer Percent field.

3. Select the Suppress Seller-Paid Amounts checkbox, if applicable.

4. Select the Lock Tax Splits checkbox, if applicable.

5. Click Save.

For every service category, users can remove the provider and fee from the SmartFees file.

However, there is a configuration option that can hide the Remove link to prevent users from removing service categories, if desired. This configuration option is available for each service category included in SmartFees.

The Re-Issue Rate feature gives you access to the lower re-issue rate for title insurance on refinance transactions. To make this option available, providers in our system must supply these rates so you can select and apply them to the SmartFees file.

• You can configure this feature to be available only in select states. System Administrators will confirm the list of states where you want this option displayed.

• When re-issue rate pricing is available, you’ll see a hyperlink labeled “Refinance Discount Available.”

• When you apply the re-issue rate, you’ll need to answer a set of required questions.

• APIs are available to implement this feature in lights-out integrations.

• This feature is not covered under the terms of the guarantee.

Co-op property types are supported in SmartFees, but they require a provider whitelist and are only available in select states. To use this feature, submit your provider list to your Client Delivery Manager or Client Success Manager.

States Supported: DC, IL, MD, NJ, NY.
Fees Available: Settlement, Lien Search, Recording Fees, Transfer Taxes.

Closed-End and Home Equity Line of Credit (HELOC) second mortgage loans are supported on SmartFees.

Fees Available: Recording Fees and Transfer Taxes.

You can add Title Insurance and Settlement Service provider verticals to these loan types; however, they are not covered under the guarantee and require lender acknowledgment through a signed addendum.

Equity loans are supported in SmartFees, but you’ll need to meet with the Cotality Consulting team to confirm requirements and the providers you plan to use. To enable this feature, submit a request to your Client Delivery Manager or Client Success Manager.

Fees Available: Limited Title, Property Reports, Full Title, Settlement, Recording Fees, and Transfer Taxes.

Construction and Construction to Perm are supported on SmartFees.

Fees Available: Recording Fees and Transfer Taxes.

You can add Title Insurance and Settlement Service provider verticals to these loan types; however, they are not covered under the guarantee and require lender acknowledgment through a signed addendum.

The Cotality Property Tax Estimator (PTE) is integrated with SmartFees to fulfill property tax requests. It provides assessor and payee information, tax lines, tax amounts, and discount or delinquent dates. Using a combination of actual tax data and predictive models, SmartFees can estimate property taxes for purchase files (including new and existing properties) and refinance files.

If no address is provided, SmartFees will calculate estimated taxes based on the ZIP code and purchase amount.

• PTE data appears on the Fees tab in SmartFees.

• When PTE is enabled in SmartFees, two additional required questions will appear on the Questions tab: (1) Property Still Under Construction (2) First Payment Date.

SmartFees can provide an early flood zone indicator, helping you anticipate whether flood insurance will be required.

• The pre-flood indicator appears on the Fees tab in SmartFees.

Lender Fees is a digital self-service platform that allows your organization to set up and manage a wide range of lender fees, including origination, underwriting, processing fees, and more. It is integrated with SmartFees to automatically calculate and return your applicable lender fees on SmartFees files.

• When enabled, lender fees appear on the Fees tab in SmartFees under the section labeled Origination Charges and Other Lender Fees.

SmartFees supports calculating and returning the Colorado Real Estate Transfer Assessment (RETA) Tax. This fee applies to the transfer of real property, typically in certain communities or developments, to fund infrastructure, community improvements, or other local services. RETA is often defined in the covenants or governing documents of a Homeowners’ Association (HOA) or community development district.

• These fees are not covered under the terms of the guarantee. Your organization must provide the RETA percentage rate for any applicable county or tax authority where you want the fee calculated and returned.

This feature allows you to generate a Fee Itemization Worksheet within your SmartFees file. The worksheet lists all fees, associated HUD line(s), Annual Percentage Rate (APR), and disclosure section based on your account’s SmartFees Fees Mapping.

• Accessible by clicking the Fee Itemization button located on the Fees tab.

  

The Restrict Access to SmartFees.com feature is available for integration customers and prevents users from accessing SmartFees directly through the web at www.smartfees.com. This ensures that users can only access SmartFees through your chosen integration method.

This feature allows you to upload a Fannie Mae 3.4 file from your Loan Origination System (LOS) to create a new SmartFees file. By using this option, you eliminate manual data entry and reduce errors when transferring loan file data to SmartFees.

• The feature is intended for users who access SmartFees directly through the web (www.smartfees.com).

• Accessible on the File Data tab by clicking the Import Fannie Mae 1003 button.

  

SmartFees includes multiple extension fields that you can customize to “Read From” or “Map To”, enhancing the integration between SmartFees and Encompass EPC. Before you can complete extension field mapping in Encompass, Cotality must first enable the extension fields for your account.

SmartFees can populate provider information on the Settlement Service Provider List (SSPL) in Encompass. You have several options for mapping information to the SSPL:

• Provider Information

  • Company Name

  • Address

  • Contact Name

  • Contact Phone

  • Contact Email

• Itemized Fee Names

• Itemized Fee Amounts

• Add "Title -" to the itemized fee names

• Suppress specific provider categories from populating on the SSPL

• Add provider categories mapped as H-Other to the SSPL. Default logic is that any categories mapped as Section H will not populate on the SSPL

• Only map to specific lines of the SSPL. For example, use lines starting at line 4 if your setup has other providers or templates already populating on lines 1-3

The Fee Comparison tool lets you review, accept, and export fees to the Encompass loan file. The feature displays a side-by-side view of the fees currently in the Encompass loan file and the fees being exported from SmartFees.

• Access the comparison feature in the Fees tab of SmartFees by clicking Export to Encompass.

  

• The Encompass -SmartFees Comparison screen appears as a pop-up. This screen allows you to review the fees before continuing with the export process.

• To prevent certain fees from exporting to the Encompass loan file, uncheck the Accept checkbox next to the corresponding fee category.