ClosingCorp Launches Compliance Upgrade for GFE Data
ClosingCorp has announced the launch of its SmartGFE Service 2.0, the one-click, online solution giving mortgage lenders fast access to Real Estate Settlement Procedures Act (RESPA)-compliant Good Faith Estimate (GFE) data. ClosingCorp launched its original SmartGFE Service in 2010 to deliver live rates for local and national real estate closing services, as well as transfer taxes and recording fees, enabling lenders and brokers to create instant, accurate GFEs. Based on market demand for greater efficiency and precision, ClosingCorp developed the SmartGFE Service 2.0 to eliminate the need for loan officers to make decisions and manually input information already existing in a loan file. The 2.0 solution requires virtually no user interaction and instantaneously generates real-time, geocoded rates for GFE Blocks 3-8 from thousands of preferred providers throughout the U.S. at any time. “The regulatory environment, as well as competition for mortgage applicants, continues to require timely and accurate GFEs,” said Paul Mass, president of ClosingCorp. “We made significant enhancements to our SmartGFE Service and know our 2.0 release will dramatically increase the productivity of mortgage lenders while significantly reducing the amount of tolerance violations being reimbursed to borrowers given our Compliance Guarantee. The SmartGFE Service 2.0 provides custom configuration options to lenders at any level—corporate, branch or individual, enabling them to improve work flow efficiency and increase GFE data quality, all while accessing their own unique preferred provider’s data.“ The SmartGFE Service 2.0 is an integrated rules-based engine that allows lenders to configure their vendor preferences and customize settings once to have Compliance Guaranteed data delivered instantaneously into their GFE, itemized fee work sheet and service provider list. “SmartGFE customers have been extremely pleased with the financial effect of our compliance-guaranteed GFE data,” said Cathy Blaszyk, vice president of lending services for ClosingCorp. “Customers are experiencing improved operational efficiencies and they indicate that errors that cause tolerance violations for Blocks 3-8 are nearly eliminated.” The SmartGFE Service 2.0 incorporates client-specific business rules to ensure appropriate fees are included in each quoted price. The service instantly notifies users if transfer tax or recording fees change, and it is backed by a compliance guarantee to eliminate tolerance violations. Lenders can override decisions on a per-transaction basis, allowing them to retain ultimate control over the entire process.