ClosingCorp, a La Jolla-based independent real estate data and technology company, has announced the launch of its SmartGFE Calculator. The new tool gives mortgage lenders the opportunity to instantly generate title and settlement rates and transfer taxes and recording fees for good faith estimates (GFE), expediting closing activities.
The Real Estate Settlement Procedures Act (RESPA) reform, put into place in 2010, makes providing borrowers with accurate and timely information mandatory for lenders. Such changes benefit homebuyers and homeowners; however, lenders must now cope with more disclosure demands as well as financial liability from RESPA tolerance violations. Thus, the SmartGFE Calculator is designed to streamline the pricing process as well as improve the efficiency of GFE and loan processing. In addition, it gets rid of unnecessary phone calls, faxes and emails.
“Today, lenders primarily use inefficient, manual methods to access pricing information from title and settlement companies, which is no longer an acceptable way of delivering the timely, accurate estimates required by RESPA,” says Paul Mass, president of ClosingCorp. “The tool saves both lenders and title companies time and money, while helping title companies strengthen their relationships with current lenders and attract new ones.”
“I am confident this product will save time and money for my lender clients, as well as greatly reduce the amount we spend in data fees each year,” says Mark Cunningham, owner, vice president and director of marketing of Advantage Title, the title company that beta tested the SmartGFE Calculator. “ClosingCorp’s pricing structure makes the data and technology affordable.”
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