ClosingCorp is providing lenders with compliance tools to meet the newest Consumer Financial Protection Bureau (CFPB) rule by allowing them to generate reports listing local counseling agencies within its SmartGFE service. This loan applicant report will become a lender requirement by Jan. 10, 2014.
The latest SmartGFE functionality will save lenders time as well as keep them in compliance. The list of housing counseling agencies is approved by the Department of Housing and Urban Development (HUD). These agencies can offer potential borrowers advice about whether the mortgage loan terms are a good fit for them based on their individual goals and financial situation. Housing counseling services are typically available to consumers at little or no cost.
“Lenders want to provide borrowers with all the information they need to make educated decisions about loan terms because it translates into solid, performing loans,” said Brian Benson, ClosingCorp CEO. “Giving lenders the capability to run this report within the SmartGFE service provides a level of convenience and confidence that the information is accurate without having to switch between systems.”