OpenClose Mortgage Software, developers of Web-based, loan origination software (LOS), has released the enhanced editing version that improves the accuracy of information flow in the new Good Faith Estimate (GFE). The GFE lockdown "significantly improves" accuracy of loan documents allowing for those lenders to gain better control of 2010.
Regulatory change called for a redesigned GFE this year to—in part—provide borrowers with more detailed closing cost information in order to make better informed decisions. But mistakes, or erroneously changed fees, can create inaccurate applications and non compliant loans. For example, a loan officer might try to waive a charge that the lender stipulates as mandatory.
OpenClose created the GFE lockdown to provide lenders with even greater control by adding the ability to lock down fields in the fee maintenance and closing cost scenarios modules. By checking the "Lock on GFE" checkbox, a loan administrator can freeze the dollar value for that fee and then it cannot be changed on the Good Faith Estimate by any originator or processor.
"The redesigned GFE 2010 provides many more details for prospective homebuyers," said Jason Regalbuto, president of OpenClose, "but with those details comes more chance for error. Our new GFE lockdown feature provides an extra level of control and therefore, peace of mind."
For more information, visit www.openclose.com.