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Mortgage lenders and title and closing providers have a new tool that can help them use their existing technology platform to harness the advantages of SMART Docs and participate in all-digital mortgage processes from origination to recording — Viant Eye’s TruFile platform.
SMART Docs have a proven track record at the tail end of the mortgage process, where they’re used to create secure, manageable, archivable, retrievable and transferable (SMART) eNotes. Houston-based Viant Eye says Trufile, its new V3 SMART Doc generation and validation platform, is a plug-in that enables non-SMART Doc platforms to generate and accept SMART Docs using the latest Mortgage Industry Standards Maintenance Organization (MISMO) standards.
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Chris Trujillo
“This is a new technology, it’s not just kind of a cool feature,” Viant Eye Partner Chris Trujillo told Inman. “This is going to have a big impact on the industry as a whole for quite a number of years, and it’s going to affect multiple areas of the overall real estate industry.”
SMART Docs have been facilitating the digitization of documents for nearly two decades, helping provide a secure process by linking data and the visual representation of the form (the “view”) with signatures.
SMART Doc Version 3 goes a step further, verifying that the data matches the information that’s contained in the view — providing an additional, automated level of assurance that the data and the related document have not been tampered with.
“With the new, verifiable V3 profile, SMART Docs aren’t just for eNotes,” Trujillo said. “Now you can do the same thing with documents across the whole loan lifecycle.”
Viant Eye says its TruFile platform makes it easier for mortgage and title companies to ditch traditional documents that needed to be scanned, keyed-in and verified, replacing them with SMART Docs that bundle the data and the document view in one package and can be auto-verified and controlled from origination to recording.
“We sit in a unique position where we can enable those providers that don’t have that technology today, whether it be document generation or a title production platform, to make it a V3 document or V1 document,” said Trujillo, who also chairs MISMO’s interoperability “community of practice” group.
With the rollout of Viant Eye’s MISMO-compliant SMART Doc plug-in, mortgage, title and closing companies can continue to use their existing technology platforms, Viant Eye investor Ben Sherman told Inman.
“What’s exciting about this is you can go to any vendor and say, ‘You know, SMART Docs is the next big thing, we’re going to need you to build your platform to be SMART Doc-enabled.’ But they’re gonna say, ‘OK, give us five to 10 years.’ I mean, that’s a massive lift,” Sherman said. “What’s awesome about Viant Eye’s platform is that it’s a plug-in for their existing system and that essentially enables their platform to start generating SMART Docs and validating SMART Docs.”
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