ClosingCorp, an independent real estate data provider based in La Jolla, Calif., is offering a new closing-cost service that the company says will help lenders complete sections four through eight of the 2010 Good Faith Estimate (GFE) form.
The SmartGFE Service provides real-time fees from local, regional and national vendors in nine categories – including title insurance, settlement services, closing attorneys, home inspections, pest inspections and appraisals – as well as local taxes and recording fees calculated specifically for each transaction to help create GFEs that meet the Department of Housing and Urban Development's new mandated tolerance limits, ClosingCorp says.
The new service is currently integrated with Calyx Point 7.2, and ClosingCorp says more loan origination software integrations are in development. Non-Calyx Point users can access the data at the newly launched SmartGFE.com Web site.
Starting May 1, ClosingCorp will offer a SmartGFE Compliance Guarantee for lenders using the service to assure them that the data they select using the SmartGFE Service will not result in a tolerance violation.
‘Our compliance-guarantee program demonstrates the confidence we have in the accuracy of the fees, taxes and rates in the SmartGFE,’ says Paul Mass, the company's president.