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Hartford National Title Launches Free GFE and HUD-1 Calculator
Nov 30, 2010

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. These two features ensure that lenders and mortgage brokers using the calculator will not be “over-disclosing” by providing a borrower with higher-than-actual settlement charges on the GFE. OneSourceQuote was developed due to the lack of free, accurate title calculators available to mortgage brokers and retail lenders. With increased disclosure standards required by the changes to the Real Estate Settlement Procedures Act (RESPA), which were implemented in January 2010, it is now more critical than ever for mortgage brokers and lenders to accurately estimate the closing costs and fees for all real estate transactions. “With the onset of the new GFE we realized that there was a real need for an accurate title calculator for the mortgage broker and lender communities,” said Beth Grassette, in-house counsel for Hartford National Title. “The complexity of the closing cost estimation process, especially when conducting business in multiple states, is such that even small errors could cost an originator thousands of dollars as well as credibility in the marketplace. We conducted extensive research on existing calculators, but did not find one that we considered a viable solution. Therefore, we built our own Good Faith Estimate (GFE) and HUD-1 title calculator that we feel best satisfies the requirements of RESPA and mitigates risk for mortgage originators.” Hartford National Title guarantees its online application to be accurate, and will bear the financial responsibility for any errors in calculations when the Company is being used to close and insure the transaction. Hartford National Title’s calculator utilizes integration with Ernst Publishing Company’s Real Estate Recording Calculator, which is considered the gold standard for recording fee calculations. Hartford National Title’s calculator will estimate all state, city, and county recording fees and taxes, transfer taxes and stamps, title services, and title insurance costs and will automatically update in the event a municipality changes its recording fees or other costs. Other important features of the calculator include: one-click ordering for title services, documentation and recording notes that provide all necessary legal requirements, and a PDF output that provides the quote in both a GFE and HUD-1 format for use by originators. “Disclosing accurate closing costs to borrowers is not only legally required, but a sound business practice. No one wants to be hit with surprise costs at the last minute,” said Grassette. “Managing expectations and correctly forecasting costs are crucial aspects in ensuring customer satisfaction. Our title calculator allows users to concentrate on their customers and leave the tedious computations to us.” For more information, visit
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