The Accurate Title Group LLC (ATG) has announced the release of its TAG Good Faith Estimate Calculator (TAG GFE). This new product comes in response to the Real Estate Settlement Procedures Act (RESPA) and its revisions to the Good Faith Estimate (GFE) and HUD-1 Settlement Statement. The TAG GFE provides instant, accurate calculations for purchase, refinance and home equity transactions in all 50 states and all counties for title insurance premium, endorsements, CPL fees, search, closing fees, recording costs and transfer taxes.Read more

National Mortgage Professional Magazine recently had an opportunity to chat with David H. Stevens, Assistant Secretary for Housing at the U.S. Department of Housing & Urban Development (HUD), and 27th Commissioner of the Federal Housing Administration (FHA).Read more

In 2008, the U.S. Department of Housing & Urban Development (HUD) issued both technical and substantive amendments to the rule that implements the Real Estate Settlement Procedures Act (RESPA).¹ The technical changes took effect on Jan. 16, 2009 and substantive changes have taken effect on Jan. 1, 2010. Last month, I provided a brief analysis of the new Good Faith Estimate (GFE).² In this article, I will offer some procedural guidance that incorporates several substantive changes that took effect on Jan.Read more

The new Real Estate Settlement Procedures Act (RESPA) rule and Good Faith Estimate (GFE) has changed the entire sales process for our $2 trillion per year mortgage industry. What if you could transform industry chaos into your secret weapon to crush the competition and make 2010 your best year ever? Here are three strategies to help you do just that:Read more

The year 2010 brings many regulatory compliance changes that will require careful planning, timely implementation and ongoing training to all individuals involved in the loan flow process. Although some effective dates have already occurred, the actual implementation of these requirements has placed greater burden on lenders to be sure of functionality, and especially training. Proper risk management is best combined with appropriate instructional reviews.Read more

PClender.com Inc. has reflected on the successful rollout of the new RESPA-required Good Faith Estimate (GFE) disclosure and HUD-1 settlement statement in its flagship loan origination
system, InHouse Mortgage, well in advance of the Jan. 1, 2010 deadline.With thousands of loans already originated on its platform using the new documents, the company has received positive feedback from its customers and their secondary market investors.Read more

MRG Document Technologies (MRG), a provider of mortgage compliance technology and services to banks, credit unions and other lenders nationwide, announced that it focused on developing strategic integrations and partnerships in 2009, increasing the number of lenders that access its compliant mortgage document preparation services.

Some of the key alliances include:

► Partnered with Kroll Factual Data to provide clients with access to three of Kroll’s risk assessment services through MRG’s MIRACLE Online compliance software, including a “Reg Flag Rules” plan.Read more

Even with the overall decline in the mortgage industry, Xetus has enjoyed record growth in 2009, with overall revenue growing by 400 percent. “We have had a remarkable year. We are so pleased that XetusOne has significantly increased efficiency and volume for so many new users,” said Scott Stein, Xetus vice president of sales and marketing. “This is a huge advantage from an IT perspective and we are seeing more and more institutions implement XetusOne because of it,” said Stein.Read more

Credit Plus Inc. has announced that it will offer a single-price credit report, the price of which will be based upon a lender’s business model. The new pricing option will assist lenders and mortgage brokers in achieving compliance with regulatory changes, effective Jan. 1, 2010, that were made to the Real Estate Settlement Procedures Act (RESPA) by the U.S. Department of Housing & Urban Development (HUD).Read more

Happy New Year! I hope each of you had a great holiday. As an industry we can begin the New Year with optimism for continued economic recovery and a more stable housing finance system.
As I mentioned in the last edition, there continues to be change coming from FHA, and I want to reiterate how much we appreciate your partnership as you work to implement these changes.Read more