ClosingCorp has announced a new feature that enhances the value of its SmartGFECalculator. The Calculator’s ability to provide transfer tax allocations between buyer and seller, based on local custom, practice, or statute, makes it easier for title companies to provide lenders information regarding which party is responsible for payment. The tool’s improvement is a result of feedback ClosingCorp received from title companies that want to offer lenders more functionality in light of changing regulations.
“Our technology allows title companies and lenders to enjoy a level of service that is now imperative in order to remain competitive,” said Paul Mass, president of ClosingCorp. “It is vital that we listen to the needs and problems of our clients and industry professionals and enhance our products accordingly. The calculator’s flexibility now enables title companies to offer their clients additional value.”
Depending on the geographic location and local tax laws, the transfer tax amount that a buyer must pay compared to that of a seller varies greatly. With ClosingCorp’s latest SmartGFE Calculator offering, title companies can provide actual buyer/seller transfer tax splits to lenders.
“In addition to providing our customers with accurate title and settlement rates, recording fees and transfer taxes, the SmartGFE Calculator gives lenders the option of modifying the buyer/seller transfer tax split,” said Robert Hart, vice president of sales for ClosingCorp. “This feature addresses an important market need and further separates the SmartGFE Calculator from competing tools on the market.”