La Jolla, Calif.-based ClosingCorp has updated its SmartGFE Service, releasing version 2.0. The online solution provides lenders with Good Faith Estimate data that complies with the Real Estate Settlement and Procedures Act (RESPA), ClosingCorp explains.
The original SmartGFE Service, launched last year, delivers live rates for local and national real estate closing services, as well as transfers taxes and recording fees that lenders and brokers need to create GFEs.
According to ClosingCorp, the 2.0 update requires limited user interaction and eliminates the need for loan officers to make decisions and manually input information already existing in a loan file. The new version also generates real-time, geocoded rates for GFE Blocks 3-8 from thousands of providers throughout the U.S., the company says.