ClosingCorp, an independent real estate data and technology company that develops online data services for mortgage lenders, real estate professionals and consumers to expedite closing activities, has announced the availability of its SmartGFE Calculator. The new pricing and compliance tool allows title companies and settlement professionals who add the calculator to their websites to give lenders the opportunity to generate title and settlement rates instantly, at any time.
Real Estate Settlement Procedures Act (RESPA) reform implemented in 2010 requires lenders to provide borrowers accurate and timely information to promote further consumer shopping for mortgages and closing services. While regulatory changes benefit homebuyers and homeowners, lenders face increased disclosure demands and financial liability from RESPA tolerance violations, which can cost millions of dollars each year.
“Today, lenders primarily use inefficient, manual methods to access pricing information from title and settlement companies, which is no longer an acceptable way of delivering the timely, accurate estimates required by RESPA,” said Paul Mass, president of ClosingCorp. “By entering just a few, simple details into the SmartGFE Calculator, lenders can automatically access rates and generate title and settlement pricing, transfer taxes and recording fees at any time. The tool saves both lenders and title companies time and money, while helping title companies strengthen their relationships with current lenders and attract new ones.”
ClosingCorp’s SmartGFE Calculator is easily embedded on any title company’s Web site to quickly and automatically calculate up-to-date title and settlement rates, transfer taxes and recording fees for Good Faith Estimates (GFEs). Data is provided in GFE and U.S. Department of Housing & Urban Development (HUD)-friendly formats. The SmartGFE Calculator streamlines the pricing process while improving GFE and loan processing efficiencies, eliminating unnecessary phone calls, faxes and emails.
“The SmartGFE Calculator is a sleek product that is extremely easy to use and generates critical GFE data in minutes,” said Mark Cunningham, owner, vice president and director of marketing of Advantage Title, a title company that beta tested the SmartGFE Calculator. “I am confident this product will save time and money for my lender clients, as well as greatly reduce the amount we spend in data fees each year. The calculator’s ability to fully disclose title agent fees with 100 percent flexibility nationwide makes it very easy for a newly hired loan officer or processor to understand pricing, regardless of the complexities of the fees and rates. ClosingCorp’s pricing structure makes the data and technology affordable—unlike other companies where there is a charge for every data pull.”