Skip to main content

PCLender.com customers praise SaaS LOS vendor’s smooth rollout of new GFE and HUD-1

NationalMortgageProfessional.com
Feb 04, 2010

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. “PCLender was way ahead of the game – they began development months in advance,” said customer Debbie White, vice president of operations for Acopia Capital Group in Goodlettsville, Tennessee. “PCLender has an incredible understanding of how regulatory updates are changing the mortgage business.” The multi-faceted information and training campaign to PCLender.com’s customer base began more than 60 days before the new RESPA laws took effect, and the new GFE and HUD-1 were available in late November, giving customers plenty of time to get used to the changes. Different messages, tailored to the various roles impacted by the change within each organization, were delivered using the following methods: ►Direct calls to every customer, including executive and administrator contacts ►On-site training ►Multiple live online training sessions, with attendance tracked and communicated to business owners and key executive sponsors ►Sessions were recorded and posted to PCLender.com training Web site for ongoing training ► Five-to-seven-minute video FAQ’s posted on PCLender.com training Web site “It’s what every LOS vendor should be doing, but the reality is that most don’t, or they don’t do it well,” according to John Baldino, vice president of production and human resources of another customer, Pleasant Valley Home Mortgage in New Jersey. “Telling people and training people are two different things, and PCLender has a very strong niche in training.” “As a software-as-a-service (SaaS) provider, PCLender.com is responsible to its customers for taking a leadership position when regulatory changes like the RESPA changes take effect. We are the compliance department for many of them,” said Stephanie Durflinger, senior vice president of customer services for PCLender.com. “We worked together diligently to make sure that each customer – from loan officers to management – understood how to navigate and properly complete the new GFE and HUD-1." For more information, visit www.pclender.com.
Published
Feb 04, 2010
Crime Stories From The Trenches

Bad brokers, renegade Realtors, treacherous title agents. It’s getting tough out there.

Regulation and Compliance
Oct 26, 2021
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021