Stewart Title Co. and Stewart Title Guaranty Co., wholly owned subsidiaries of Stewart Information Services Corp., have introduced new online rate calculators that comply with the Real Estate Settlement Procedures Act (RESPA). Calculators are rolling out nationwide through Stewart Title offices and through Stewart Title Guaranty's network of agencies.
As of Jan. 1, the RESPA reform went into effect, requiring lenders to provide residential customers with a new type of good faith estimate (GFE), which gives borrowers an estimate of their settlement charges and a summary of loan terms. In the RESPA reform, title fees fall within a tolerance-level group that cannot vary more than 10% in aggregate, making it crucial that the estimates received by the lender customer from their title agency be accurate, Stewart says.
The new calculator, Lender ExpressQuote, allows lenders to generate electronic quotes, in a GFE format, for title service fees, title premiums, recording fees and transfer taxes, explains Stewart Morris Jr., president of Stewart Title and chairman of PropertyInfo Corp.
Features of the Stewart ExpressQuote calculators include 24/7 availability; built-in geographical intelligence to allow for unique state requirements, such as transfer taxes; access to a repository for all quotes generated within a one-year time period; downloadable quotes available on the spot; and visual representation that shows exactly where the pricing is placed in the 2010 GFE, the company says.