Mortgage Builder Releases RESPA-Compliant Upgrade

Mortgage Builder Software has released Version 3.9 of its loan origination system, including good-faith estimate (GFE) and HUD-1 form functionality, which the company says will help users comply with the new Real Estate Settlement Procedures Act (RESPA) rules.

Although only a few forms are affected by the new rules, Mortgage Builder's upgrade involved a large amount of time and effort on the part of its software engineering team, the company says.

‘When you consider that the GFE and HUD Settlement Statement are so integral to the core capabilities of the [loan origination system], you begin to see how creating new screens and fields for these two areas affect many aspects of functionality,’ explains Liz Resovsky, Mortgage Builder's vice president of operations.

The system is available in multiple delivery models. Mortgage Builder's technical support team assists installed-version lenders that must perform the installation tasks themselves. For those who use the Software as a Service (SaaS) version or its similar Application Service Provider (ASP) variant, the upgrade is automatic.

"Whichever version the client prefers – whether paying by the license or paying by the loan with SaaS – we have to make certain everyone is comfortable with the new functionality," adds Mortgage Builder CEO Keven Smith.

The company provided training during November and December, using live presentations, webinars and recorded video through Mortgage Builder's client Web site.

"Staying compliant with RESPA is of utmost importance to lenders, and we wanted to make sure they were up to speed with Mortgage Builder's RESPA capabilities so they could hit the ground running on Jan. 1," Smith says.

SOURCE: Mortgage Builder


Please enter your comment!
Please enter your name here