Back to top
Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE SUBSCRIBE LOG IN
AddControlToContainer_DynamicNavigation1

LodeStar: Closing fee tech required one cure every 22,000 quotes

Email A Friend Printer Friendly Version
0 comments
Technology
Thursday, January 12, 2023

Mortgage loan originators using the closing fee calculator technology of LodeStar Software Solutions in 2022 averaged one inaccuracy requiring a cure out of every 22,000 fee estimates or quotes, according to the company.

LodeStar is a national provider of closing fee-related compliance tools for mortgage lenders.

The TILA-RESPA Integrated Disclosure rule (TRID) mandates that closing fees reported on each transaction’s Closing Disclosure (CD) must fall within a specified level of accuracy in comparison with the Loan Estimate (LE) disclosure issued by the lender at the beginning of the mortgage process. Where specified fees disclosed in the CD fall outside of those accuracy guidelines, that lender is legally responsible for curing the difference.

“One of the most transparent ways to determine the true effectiveness of the TRID guidelines is to determine cure rate,” said LodeStar CEO and co-founder Jim Paolino in a release. “We’re proud to be an integral part of adding clarity to the mortgage lending process, and thrilled to demonstrate just how accurate, and current, our data is. We’re also pleased to say that this rate is almost twice as good as what we experienced in 2021.”

Paolino further noted that LodeStar financially guarantees the closing fees its technology provides to lenders assembling fee estimates or TRID disclosures and covered the cost to cure for clients where there were any inaccuracies. He said he is confident that the guaranteed accuracy is why LodeStar grew by nearly 10 percent year-over-year from 2021.

Today's other top stories
Real Title continues expansion
Data privacy experts discuss safety concerns, industry future
WFG mourns passing of regional manager
Landmark Title appoints Arizona unit manager
Brokerage Engine, Payload partner on payment automation


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 1231 times.

Tweets from @TheTitleReport/lists/around-the-industry
News by Topic   News by Edition   Special Reports   Events   Subscribe
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
 
April 10, 2023
April 24, 2023
May 8, 2023
May 22, 2023
Archives
 
2023 Voice of the Title Agent Report
2023 State of the Industry Report
eClosing Security
Title Technology Report
Real Estate Compliance Outlook
Trendsetters
Archives
 
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Newsletter Subscriptions
Free Email Updates
Try a Free Edition
  Resources   About   Other Publications  
 
eClosing Solutions Showcase
Best Practices Provider Directory
Industry Partners
 
The Title Report
Contact / Editors
Social Media
Advertise
Are You An Expert?
Subscriber Agreement
 
The Legal Description
RESPA News
Valuation Review
Dodd Frank Upate
 
                 
Copyright © 1999-2023 The Title Report
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.thetitlereport.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Valuation Review
> RESPA News
> The Legal Description
> Dodd Frank Update
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
EVENTS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
Sponsored Content
Nominate a Trendsetter
What is Trendsetters
Current Edition
May 8, 2023
April 24, 2023
April 10, 2023
Archives
2023 Voice of the Title Agent
2023 State of the Industry
eClosing Security
2022 Title Technology Report
Real Estate Compliance Outlook
Best Practices
Attorney State Perspectives
Trendsetters
Archives
Nominate a Trendsetter
What is Trendsetters?
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
Drive Revenue with eClosings
2023 Economic Forecast Series
Evolving Lender and Title
Relationships
CFPB Unconstitutionally funded?
Manufactured Housing
Evolving Realtor Relationships
CFPB Update
Webinar Archives
Executive Interview Series
eClosing Solutions Showcase
Best Practices Provider Directory
Industry Partners
The Title Report
Contact Us
Social Media
Advertise
Are You An Expert?
Subscriber Agreement