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Good Faith Estimate (GFE)

Loan Originator Compensation: Good Faith Estimate (GFE)


On March 18, 2011, the Department of Housing and Urban Development (HUD) issued its RESPA Roundup, this issue being devoted to completing the Good Faith Estimate (GFE) in order to disclose loan originator compensation pursuant to the new TILA Loan Originator Compensation rule (Rule). [75 F.R. 58509 (September 24, 2010)]

HUD's guidance addresses the following issues:Click to continue

Wipro Gallagher Solutions Launches Latest Version of NetOxygen LOS


Franklin, Tenn.-based Wipro Gallagher Solutions (WGS), a provider of end-to-end loan origination software and services for financial organizations, has announced the latest version of its loan origination system (LOS), NetOxygen 3.4, which includes heightened regulatory compliance, as well as enhanced vendor interfaces and documents/imaging functionality.Click to continue

A Message From NAMB Government Affairs Committee Chair Mike Anderson, CRMS

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The Government Affairs team of the National Association of Mortgage Brokers (NAMB) has been very active so far this year and has had some significant impact with lawmakers and regulators in Washington, D.C. The most recent victory is the recently released appraisal independence announcement from the Federal Housing Finance Agency (FHFA) and Fannie Mae. NAMB has fought hard and had several meetings with FHFA/Fannie Mae to stress the importance of appraisal independence and portability. Well, they listen to us, and on Oct.Click to continue Adds Compliance Functionality to Its InHouse Mortgage Product

PCLender Laptop Pic has announced that it has extended the compliance functionality of InHouse Mortgage, its comprehensive loan origination software (LOS), to further assist lenders in complying with the disclosure of fee requirements included in the Real Estate Settlement Procedures Act (RESPA). With its latest announcement, continues in its tradition of staying at the forefront of offering innovative mortgage lending solutions that are compliance-focused.Click to continue

Hartford National Title Launches Free GFE and HUD-1 Calculator

HNT Logo

Hartford National Title Inc., a provider of title insurance and real estate closing services, has announced the launch of OneSourceQuote, its new Good Faith Estimate (GFE) and HUD-1 title calculator. This free online application is the byproduct of many months’ worth of developmental efforts and testing by programmers, staff, and beta clients. OneSourceQuote provides users with the reissue rate calculation on refinances and exact recording fees through an integration with a national recording database that is updated daily.Click to continue

Ellie Mae and Launch New Encompass Assured GFE

GFE Pic/Credit: Stockbyte

Ellie Mae and have announced the launch of Encompass Assured GFE service powered by’s SmartGFE Service. With Encompass Assured GFE, Encompass360 users can now create Good Faith Estimates (GFEs), which are backed by a ClosingCorp compliance guarantee, directly from their Encompass360 systems. The January 2010 changes to the Real Estate Settlement and Procedures Act (RESPA) have created new compliance challenges for mortgage lenders and brokers.Click to continue

ALTA Works to Simplify Mortgage Disclosure Forms for Consumers

Home Counseling

The American Land Title Association (ALTA) has written the U.S. Department of the Treasury and the Consumer Financial Protection Bureau (CFPB) to consider several recommendations to improve mortgage disclosure forms and make them easier for consumers to understand. ALTA outlined its suggestions in a letter to Treasury Secretary Timothy Geithner, and Elizabeth Warren, special advisor to the Secretary of the Treasury on the CFPB.Click to continue

Ernst Study Finds: GFE Led to Accurate Fee Disclosures, Price Increases Exaggerated

Contract/Credit: Stockbyte

Ernst Publishing Company has released a survey of large retail lenders, settlement companies, large title insurance companies and credit unions that shows that the cost of mortgage fees has not increased due to the Good Faith Estimate (GFE) and the prices that are disclosed are simply more accurate than in the past.

That’s one of the insights to be gleaned from the “Ernst Good Faith Estimate” survey, that reflects the views of 226 respondents from lending institutions who were polled from Oct. 11- Oct.16.Click to continue

Calyx Announces the Releases of Point and PointCentral Version 7.3


Calyx Software has announced the release of Point and PointCentral 7.3. Point combines the latest technology with the functionality that mortgage professionals require for loan marketing, prequalification, origination, and processing. PointCentral’s server platform unites Point with business rules, remote access, and consolidated data storage. Version 7.3 simplifies compliance for users with intuitive fees worksheets and synchronization of important data and includes support for users utilizing terminal services.Click to continue

RESPA Technology Compliance: Could an Outside Source be the Answer?

Laptop Pic/Credit: Thomas Northcut

In the ever-changing world of regulatory compliance, lenders and mortgage professionals are constantly being subjected to new requirements, and as a result, continue to seek clear guidance and interpretation of lending regulations. Despite the fact that mortgage professionals and lenders are continually taking extensive measures to meet these changing regulation requirements—including investment and commitment in technology, training and quality control—the fight never ends.Click to continue