ClosingCorp, a provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers, said its data services will enable clients to remain compliant with any changes to mortgage disclosure requirements, which are expected to be finalized in 2013 by the Consumer Financial Protection Bureau (CFPB).
ClosingCorp’s SmartGFE Service, a one-click tool with guaranteed data that populates a lender’s good faith estimates (GFE), and its SmartGFE Calculator, which generates real-time title and settlement rates, transfer taxes and recording fees, account for any regulatory changes and allow users to remain up-to-date regardless of revisions to disclosure forms, rules and local practices. The company’s compliance guarantee will continue to assure customers that the data provided is accurate, protecting them from costly RESPA-related tolerance violations.
“For some time the final outcome of the CFPB’s regulatory activities have been uncertain,” said Paul Mass, president of ClosingCorp. “Pending rule changes have created significant unrest among companies that must make considerable adjustments to their business processes and systems under tight deadlines related to every change. Instead, lenders leveraging our SmartGFE tools can avoid the anxiety and pressure associated with new regulations. Compliance no longer has to require exorbitant time and expensive manual processes, and lenders can still eliminate costly tolerance violations, which are common in far too many settlements.”
The July 2012 proposal seemed to put an even higher premium on accurate and timely GFEs. Publication of the final rule is expected in the third quarter of 2013, and the effective date should be a reasonable time thereafter.
Through its network of nearly 12,000 real estate service providers, ClosingCorp maintains a comprehensive database of up-to-date closing costs, including recording fees and transfer taxes, for all residential properties in America.