Lender Processing Services Inc. (LPS) has announced the release of a new offering, which enables lenders to order Good Faith Estimate (GFE) data through the LPS Loan Quality Gateway, powered by RealEC. The new GFE Service helps lenders accurately quote loan fees and eliminates the need to maintain internal fee tables and cumbersome, manual calculations for GFE disclosures. The GFE Service uses a provider network to deliver GFE settlement charges, which can help lenders manage tolerance requirements related to fees, amounts owed and adjustments shown on the HUD-1 form.
"By using LPS' new GFE Service, lenders are now better positioned to meet regulatory requirements and improve efficiencies," said Andy Higginbotham, executive vice president of strategy and business development for LPS' Loan Origination Technology division. "The GFE Service streamlines the origination process by delivering more accurate data and increased automation to an otherwise manually intensive process."
The new GFE Service complements the existing LPS loan origination services available on the Loan Quality Gateway, including appraisals; AVMs; title insurance; closing services; flood insurance; verifications of income, employment and identity; mortgage insurance; and fraud prevention tools.
"The addition of the GFE Service to the Loan Quality Gateway is just the latest investment in support of more than 12 years of dramatic growth through our RealEC platform," said Dan Sogorka, president of LPS subsidiary RealEC. "Our goal remains the same: to continually extend the value we offer both lenders and service providers as we all collectively work toward a more automated, transparent, data-centric mortgage origination process."
The LPS Loan Quality Gateway is an open platform that provides the integrations, data management, decisioning and workflow management required for current and emerging loan quality programs.