Ernst Enhances Its Settlement Agent Gateway – NMP Skip to main content

Ernst Enhances Its Settlement Agent Gateway

NationalMortgageProfessional.com
Oct 05, 2016
Ernst has released a new offering, Date Forward, that allows lenders to accurately disclose closing costs to borrowers even if the fees are scheduled to change before the closing date

Ernst Publishing Company has announced a new enhancement to its Settlement Agent Gateway that will give lenders more control and flexibility with their local relationships with settlement agents. These local relationships are key to keeping new business flowing to the loan originator.

"One of the most significant risks our industry faced with the onset of the new TRID rules was disconnecting lenders from their local business networks out of fear of noncompliance because they can't control fee quotes and fee changes," said Gregory E. Teal, president and chief executive officer of Ernst Publishing. "We solved that problem with the Settlement Agent Gateway. This enhancement gives lenders complete control over these vitally important local relationships alerting them of fee changes in real-time while using effective dating to control loan quotes already in the pipeline; this helps eliminate any fear of noncompliance and mitigates cures."

Ernst's Settlement Agent Gateway is a collaborative fee management system that allows settlement agents to work with lenders to negotiate fees and then manage these fees in a web-based tool through which they certify the accuracy of their fees and then make them available to lenders who need to provide Loan Estimates mandated under the new requirements. This ensures full TRID compliance, protects the lenders from cures resulting from quoting the wrong fees and protects smaller settlement agent firms from being pushed out of the market due to non-compliance concerns.

Ernst programs process an average of 150 million real estate transactions every year, industry-wide. Since the company was founded 27 years ago, Ernst has processed more than one billion transactions. The firm estimates that its patented technology is in use for 90 percent of the nation's new loan originations and refinance transactions.

Published
Oct 05, 2016
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021
MISMO Seeks To Standardize Pre-Closing Title Data

Forming workgroup to focus on standardizing document datasets to streamline process and increase efficiency.

Industry News
Nov 23, 2021
Pandemic's Impact On Real Estate Around The World

Although the impact of the COVID-19 pandemic on the real estate industry has been well-documented within the United States, it’d be prudent to know how the global event impacted other countries as well. 

Industry News
Nov 22, 2021
Housing Market Potential Strengthens Modestly

First American Financial Corporation's Potential Home Sales Model for October 2021 reported that potential existing-home sales increased 0.1% month-over-month to 6.27 million, with household formation continuing to grow, largely driven by millennials.

Analysis and Data
Nov 22, 2021