LA JOLLA, Calif.--(BUSINESS WIRE)--ClosingCorp, an independent real estate data and technology company that develops online data services for mortgage lenders, real estate professionals and consumers to expedite closing activities, announced today the availability of its SmartGFE® Calculator. The new pricing and compliance tool allows title companies and settlement professionals who add the calculator to their websites to give lenders the opportunity to generate title and settlement rates instantly, at any time.
Real Estate Settlement Procedures Act (RESPA) reform implemented in 2010 requires lenders to provide borrowers accurate and timely information to promote further consumer shopping for mortgages and closing services. While regulatory changes benefit homebuyers and homeowners, lenders face increased disclosure demands and financial liability from RESPA tolerance violations, which can cost millions of dollars each year.
“Today, lenders primarily use inefficient, manual methods to access pricing information from title and settlement companies, which is no longer an acceptable way of delivering the timely, accurate estimates required by RESPA,” said Paul Mass, president of ClosingCorp. “By entering just a few, simple details into the SmartGFE Calculator, lenders can automatically access rates and generate title and settlement pricing, transfer taxes and recording fees at any time. The tool saves both lenders and title companies time and money, while helping title companies strengthen their relationships with current lenders and attract new ones.”
ClosingCorp’s SmartGFE Calculator is easily embedded on any title company’s website to quickly and automatically calculate up-to-date title and settlement rates, transfer taxes and recording fees for good faith estimates (GFE). Data is provided in GFE and U.S. Department of Housing and Urban Development (HUD)-friendly formats. The SmartGFE Calculator streamlines the pricing process while improving GFE and loan processing efficiencies, eliminating unnecessary phone calls, faxes and emails.
“The SmartGFE Calculator is a sleek product that is extremely easy to use and generates critical GFE data in minutes,” said Mark Cunningham, owner, vice president and director of marketing of Advantage Title, a title company that beta tested the SmartGFE Calculator. “I am confident this product will save time and money for my lender clients, as well as greatly reduce the amount we spend in data fees each year. The calculator’s ability to fully disclose title agent fees with 100 percent flexibility nationwide makes it very easy for a newly hired loan officer or processor to understand pricing, regardless of the complexities of the fees and rates. ClosingCorp’s pricing structure makes the data and technology affordable – unlike other companies where there is a charge for every data pull.”
According to Jeff Fox, executive vice president of Investors Title Company, another beta user, “The SmartGFE Calculator provides accurate title rates and allows us to customize our fees. ClosingCorp completely managed the product’s implementation – I simply provided them with my rate schedule and they incorporated my rates into the calculator. One of the biggest benefits I see is the productivity of my sales associates. With the SmartGFE Calculator, they are able to focus on securing new business instead of providing quotes via phone, email and fax.”
About ClosingCorp
Based in La Jolla, Calif., ClosingCorp is a leading provider of residential real estate data and technology for mortgage lenders, real estate professionals and consumers. The company’s services include Closing.com®, a one-stop source for real estate closing services and rates and the SmartGFE® Service, which helps loan originators create RESPA-compliant good faith estimates. ClosingCorp also offers the SmartGFE Calculator, which can be embedded in a title company’s website to provide instant title and settlement rates, transfer taxes and recording fees in GFE and HUD-friendly formats to lenders. For more information contact Christie Huff at 858-551-1500 ext. 220.