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Mortgage Spirit’s latest version incorporates new HUD requirements

National Mortgage Professional
Mar 24, 2014

Mortgage Spirit’s latest version incorporates new HUD requirementsMortgagePress.comHUD, Mortgage Spirit, GFE, loan search, Real Estate Settlement Procedures Acts, HUD-1

Mortgage Spirit, a Denver-based provider of loan search and pricing revenue management technology for the mortgage industry, announced it has released Version 3.0 of its loan search and pricing engine, which enables mortgage originators to stay in full compliance with the pending requirements and legislation dictated by the HUD-reformed Good Faith Estimate (GFE) requirements for 2010.

Mortgage Spirit's updated version to its loan search and pricing engine now automatically generates a PDF of the new Good Faith Estimates language and guidelines within Mortgage Spirits system.

Version 3.0 includes all Real Estate Settlement Procedures Acts (RESPA) reform considerations, enabling each loan to be more saleable in the secondary market under the new HUD environment. The enhanced version yields accuracy between revenue, closing costs and transfer tax figures listed on the GFE and those listed on the HUD-1 at closing.

"Lenders need to immediately begin preparing their staff for the 2010 requirements set by HUD, particularly those associated with the GFE, or they will face a rude shock that will tie directly to their pocketbooks," said Joel Horn, president of Mortgage Sprit. "The latest version of our pricing and search engine was designed to handle the cumbersome new GFE format and assist loan officers to seamlessly adopt to the culture's new language and stay in full compliance with every delivery of the GFE. If Congress makes further alterations to these requirements, our system's framework is highly flexible and adaptable to keep users in full compliance."

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