LA JOLLA, Calif.--(ClosingCorp, a leading provider of residential real estate closing cost data and technologies for mortgage lenders, real estate professionals and consumers, announced today that 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).)--
“For some time the final outcome of the CFPB’s regulatory activities have been uncertain”
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, constantly 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.”
In July 2012, the CFPB issued a 1,099 page proposed rule which, among other changes, implemented Congress’s mandate to integrate TILA with the GFE and HUD-1 forms. It was just over two years ago that HUD last overhauled the GFE and HUD-1 forms and introduced the burden of “tolerance violations” on lenders who did not provide accurate GFEs in a timely manner. The July proposal seems to put an even higher premium on accurate and timely GFEs. Public comment on the new rule ended in early November 2012. Publication of the final rule is expected in the third quarter of 2013, and the effective date should be a reasonable time thereafter.
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, SmartClosing℠ Mortgage Calculator, DART℠ and Closing.com. To learn more visit www.closing.com.