OpenClose Mortgage Software, developers of Web-based, loan origination software (LOS), has released the enhanced editing version that improves the accuracy of information flow in the new Good Faith Estimate (GFE). The GFE lockdown "significantly improves" accuracy of loan documents allowing for those lenders to gain better control of 2010.Read more

eLynx, a portfolio company of American Capital, has announced that it has released its new eHUD service, a component of the Electronic Closing Network (eCN), that makes it easy for lenders and closing agents to comply with Real Estate Settlement Procedures Act (RESPA) regulations governing Good Faith Estimates (GFE) and the HUD-1.Read more

A study released by Bankrate Inc. has revealed that the costs associated with buying a home may are on the rise. Bankrate's 2010 Closing Costs Survey reveals that the average origination and title fees on a $200,000 mortgage this year totaled $3,741, up from $2,732 in 2009. In the study's geographical breakdown, New York leads the nation at an average fee of $5,623, with Texas, Utah, San Francisco and Los Angeles rounding out the top five. Arkansas is the least expensive area with an average fee of $3,007, replacing Nevada, now number 34, at the bottom of the list.Read more

The American Land Title Association (ALTA) has announced that it has updated its uniform set of instructions to help facilitate the handling of new settlement documents that became mandatory Jan. 1, 2010 due to changes to the Real Estate Settlement Procedures Act (RESPA). The Uniform Supplemental HUD-1/1A Instructions are now available in an editable PDF file format and facilitates the transfer of information from lenders to settlement agents in order to create an accurate, compliant HUD-1/1A.Read more

a la mode has announced that SureDocs, the company's eSignature system, has applied its 3.5 millionth eSignature. SureDocs has been used by thousands of mortgage professionals to apply secure eSignatures on mortgage disclosure docs, substantially speeding the process since originators can have signatures in minutes rather than days. SureDocs has also saved mortgage originators from escalating shipping fees and the wasted time involved in manually mailing packages.Read more

Okay, that is a bad rhyme. But the truth is, we might as well be rubbing the bottle with the genie to see what is coming next. We have talked about this for months. The Federal Reserve Board has finally reached the date in which they are no longer purchasing Mortgage-Backed Securities (MBS). The devastation of the secondary market for home loans was one of the major effects of the financial meltdown which occurred over a year ago. The Fed took many definitive actions to keep rates down while the government took many other actions to right the financial ship.Read more

Just as the traditional spring home buying season kicks into high gear, Bank of America Home Loans is unveiling an enhanced online home loan guide that will educate consumers about the home buying process by using customized tools on budgeting, affordability and choosing the right kind of loan. "As part of our commitment to create more transparency and clarity in the lending process, Bank of America is proud to provide interactive tools designed to empower homebuyers to make decisions that are right for them," said Todd Dal Porto, Bank of America Home Loans Enterprise Sales eRead more

Entitle Direct has created an informational guide to help consumers benefit from the new Good Faith Estimate (GFE). This is the first in a series of guides from the industry innovator to help demystify real estate financing and empower consumers to take control of the mortgage closing process. The new GFE, which went into effect on Jan. 1, 2010, encourages consumers to first shop and then compare fees from various lenders before choosing a mortgage.Read more

We have entered a new era of predatory lending regulation and compliance for lenders. Since the beginning of 2009, lawmakers have proposed and passed several regulations that attempt to prevent the rash of risky, and in some cases, predatory, loans that have rocked the mortgage industry over the past few years.Read more

There is no doubt that one of the biggest changes a typical loan officer is dealing with today is implementing the new and revised Good Faith Estimate (GFE). That is saying a lot because there are so many changes that are being implemented in this challenging environment.Read more