WASHINGTON -- (BUSINESS WIRE) -- ClosingCorp, a leading provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers, announced at the 100th Mortgage Bankers Association Annual Convention & Expo that its suite of technology and services are equipped to ensure lenders meet the upcoming Consumer Financial Protection Bureau (CFPB) rules.
Based on last summer’s proposed rule, the CFPB’s final rule, anticipated this fall, will hold lenders even more accountable and financially responsible for accurate loan estimates. ClosingCorp’s SmartGFE, SmartGFE Calculator and DART products are each designed to accommodate these regulatory changes. In addition to providing lenders instant access to exact rates from service providers as well as accurate recording fees and transfer taxes, ClosingCorp’s services will also align with the new loan estimate documents established by the CFPB. Online ordering directly from the SmartGFE service and SmartGFE Calculator is also possible using SmartOrder to improve efficiencies and expedite the loan closing process.
“Maintaining regulatory compliance is critical to lenders’ ability to control internal costs and minimize risk,” said Tim Armbruster, chief technology officer and senior vice president of ClosingCorp. “Lenders continue to incur costly tolerance violations for inaccurate GFEs, and this will continue to be unacceptable when the new rules are in effect. ClosingCorp’s number one priority is to help lenders’ daily operations run smoothly while ensuring compliance with RESPA.”
ClosingCorp’s flagship product, SmartGFE, is a compliance guaranteed solution for generating actual closing costs from a network of more than 12,000 service providers nationwide as well as the company’s own proprietary recording fee and transfer tax database. The SmartGFE Calculator is available on a title company’s website so mortgage lenders and real estate agents can easily access quotes at their convenience. DART provides title and settlement professionals recording fees, transfer taxes and filing instructions for the more than 4,000 recorder offices and tax jurisdictions as well as for more than 80,000 related taxes, customs and rules. Each product is continually updated based on regulatory changes and the evolving needs of the lending community.
ClosingCorp is a leading provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers to save them time and money on residential real estate transactions. Through its network of nearly 12,000 real estate service providers, the company maintains the most comprehensive database of up-to-date closing costs, including recording fees and transfer taxes, for all residential properties in America. This valuable data is delivered quickly and efficiently to clients via ClosingCorp’s innovative technologies, such as SmartGFE®, SmartGFE® Calculator, SmartOrder℠, DART℠ and Closing.com. To learn more visit www.closing.com.