Ernst Publishing Co., a provider of technology and closing cost data for the real estate and home finance industries for the past 25 years, made updates to its patented search engine technology, making the system ready for lenders who must comply with the new CFPB Integrated Disclosure rule coming next year.
“Federal regulators are continuing the work of making it easier for consumers to ‘Know before they owe’ with the new Integrated Disclosure rule coming in a few months,” Ernst President and CEO Gregory Teal said. “The new rules require even more accuracy and will impose a high price on lenders that can’t tell consumers exactly what they must pay when they get to the closing table. Fortunately, our fee search engines are ready to provide that information now. “
Ernst has been providing closing cost data to the mortgage lending industry for 25 years, but the new rules require lenders to be even more accurate than was required before. To make that possible, Ernst patented Cost2Close monitoring technology, which ensures that fees quoted have the best chance to match the fees at the closing table. The solution recalculates automatically based on any change and simultaneously sends notifications to the lenders and the closing agent.
“Keeping our award-winning product suite up to date with frequent rule changes is something our clients expect,” Ernst Director of Product Development Chris Dufault said. “Regardless of the direction our regulators steer the industry, Ernst will always be ready to support our clients in ways that are guaranteed to keep them accurate, fully compliant and positioned well for success.”