Ernst’s New Date Forward Offering Ensures TRID Compliance – NMP Skip to main content

Ernst’s New Date Forward Offering Ensures TRID Compliance

NationalMortgageProfessional.com
Jul 20, 2018
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 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, thus protecting them from TRID violations. Date Forward allows the lender to estimate fees accurately as of the expected closing date, not just the application date.
 
"Fees change all the time. Last year we saw over 12,000 fee changes, a record high from previous years," said Gregory E. Teal, President and Chief Executive Officer of Ernst Publishing. "This exposes the lender to significant risk, especially in a purchase money environment where taking the time to re-disclose is subject to the three-day change of circumstance requirement. Not re-disclosing means lender cures. Date forward gives the lender the confidence to disclose the fees accurately from their first quote, even if they will change before the loan gets to the closing table."
 
Last year, Ernst's systems found that fee changes handed down by County Recorders in the state of Louisiana alone resulted in millions of dollars in additional fees for consumers. Lenders that failed to disclose these additional fees were forced to choose between delaying the closing or paying the difference themselves.
 
Ernst's patented monitoring program works together with its date forward calculator to validate for the lender and title closing agent that the anticipated fee change actually went into effect. Together the two programs provide a complete solution for disclosing accurate closing costs, even if they change during loan processing.


 
Published
Jul 20, 2018
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022
BSI Financial Hires Execs To Drive HR, Investor Reporting

Sean McGowan will lead HR, training and company culture; Shannon Clay to head investor reporting, reconciliations, and cash management initiatives.

Industry News
May 16, 2022
Home Point First Quarter Earnings Down Significantly

Net income down more than 90% from a year ago.

Industry News
May 13, 2022
New FHA Head Approved After Lengthy Delay

Vice president breaks tie vote for Julia Gordon nomination confirmation.

Industry News
May 12, 2022
Rocket CEO Predicts A Recession

He's seeing consumer spending decline through their TrueBill system

Industry News
May 12, 2022