Advantage Title, a provider of title insurance and escrow services, has introduced GFEz, an online rate calculator that delivers quotes for title premiums, endorsement, payoff, and recording fees, transfer taxes and other title- and closing-related fees for lender and real estate customers nationwide. The calculator complies with the Real Estate Settlement Procedures Act (RESPA), Advantage Title says.
Jan. 1 marked the implementation of RESPA reform requiring lenders to provide residential customers with a new format for Good Faith Estimate (GFE) documentation that estimates settlement charges and summarizes loan terms for customers. In most situations, title fees must fall within a tolerance-level group that cannot collectively vary more than 10% in compliance with this reform.
Features of the new GFEz include 24/7 online access, visibility of all GFEs created by users or their authorized associates, instantaneous sharing of GFEs with pertinent parties, and the ability to automatically order services directly from a quoted GFE.
SOURCE: Advantage Title