ClosingCorp to Assist Clients With CFPB Compliance

ClosingCorp has announced that its data services will enable clients to remain compliant with any changes to mortgage disclosure requirements, which are expected to be finalized in 2013 by the Consumer Financial Protection Bureau (CFPB). ClosingCorp’s SmartGFE Service, a one-click, tool with guaranteed data that populates a lender’s Good Faith Estimates (GFE), and its SmartGFE Calculator, which generates real-time title and settlement rates, transfer taxes and recording fees, constantly account for any regulatory changes and allow users to remain up-to-date regardless of revisions to disclosure forms, rules, and local practices. “For some time the final outcome of the CFPB’s regulatory activities have been uncertain,” said Paul Mass, president of ClosingCorp. “Pending rule changes have created significant unrest among companies that must make considerable adjustments to their business processes and systems under tight deadlines related to every change. Instead, lenders leveraging our SmartGFE tools can avoid the anxiety and pressure associated with new regulations. Compliance no longer has to require exorbitant time and expensive manual processes, and lenders can still eliminate costly tolerance violations, which are common in far too many settlements.” The company’s compliance guarantee will continue to assure customers that the data provided is accurate, protecting them from costly RESPA-related tolerance violations.