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Good Faith Estimate (GFE)

Not Feeling the Love From Your Wholesaler … Have Some Faith!

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Oh what a web we weave! The entire mortgage industry seems to be a bit out of control these days. Congress, the Fed Rule, the Dodd-Frank Act, Elizabeth Warren and the Consumer Financial Protection Bureau (CFPB), overlays, disclosures … I don’t know about you, but all of these new regulations are starting to grate on my nerves and the nerves of the very customers they are designed to protect.Click to continue

International Document Services Adds LO Compensation Compliance Disclosure to Its Docs

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In response to the changes to loan originator (LO) compensation issued by the Federal Reserve Board (FRB), International Document Services (IDS), a mortgage document preparation vendor, has provided its wholesale customers with a Broker Anti-Steering Loan Option Disclosure within in the idsDoc system so that brokers can certify that they have provided the borrower with the necessary information to achieve safe harbor under the changes to Regulation Z 226.36(e).Click to continue

Trends in Mortgage Lending for 2011


What trends will shape the picture of mortgage lending, mortgage foreclosure and mortgage investments in 2011? How will lenders and borrowers react in the next 12 months after a record number of U.S. homes went into foreclosure in 2010? I expect the most significant trend to be a dramatic shift in the nature of the relationship between borrowers and lenders.

Here are some of the other trends that I foresee shaping the mortgage sector in 2011:Click to continue

ERNST Automates the Recording of Customary Splits in GFEs

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Ernst Publishing Company, an authority on land recording requirements for almost two decades processing more than 120 million transactions annually, has automated the recording of buyer-seller tax splits for all new purchases that appear on the Good Faith Estimate (GFE). Ernst was one of the first companies to automate splits—the division of the tax bill between the buyer and seller—and to integrate the data into calculations for the purchase market in the U.S.Click to continue

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

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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

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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