Mortgage Spirit’s latest version incorporates new HUD requirementsMortgagePress.comHUD, Mortgage Spirit, GFE, loan search, Real Estate Settlement Procedures Acts, HUD-1
Mortgage Spirit, a Denver-based provider of loan search and
pricing revenue management technology for the mortgage industry,
announced it has released Version 3.0 of its loan search and
pricing engine, which enables mortgage originators to stay in full
compliance with the pending requirements and legislation dictated
by the HUD-reformed Good Faith Estimate (GFE) requirements for
2010.
Mortgage Spirit's updated version to its loan search and pricing
engine now automatically generates a PDF of the new Good Faith
Estimates language and guidelines within Mortgage Spirits
system.
Version 3.0 includes all Real Estate Settlement Procedures Acts
(RESPA) reform considerations, enabling each loan to be more
saleable in the secondary market under the new HUD environment. The
enhanced version yields accuracy between revenue, closing costs and
transfer tax figures listed on the GFE and those listed on the
HUD-1 at closing.
"Lenders need to immediately begin preparing their staff for the
2010 requirements set by HUD, particularly those associated with
the GFE, or they will face a rude shock that will tie directly to
their pocketbooks," said Joel Horn, president of Mortgage Sprit.
"The latest version of our pricing and search engine was designed
to handle the cumbersome new GFE format and assist loan officers to
seamlessly adopt to the culture's new language and stay in full
compliance with every delivery of the GFE. If Congress makes
further alterations to these requirements, our system's framework
is highly flexible and adaptable to keep users in full
compliance."
For more information, visit mortgagespirit.com.
