In this new regulatory environment, the ability to process loan applications quickly and accurately has become critical. Only through the deployment of technology that is equipped to handle these processes will lenders be able to complete for business while avoiding costly tolerance violations.
To increase the accuracy of their GFE’s, lenders need access to local vendors and their fees – not only for filling out their own GFEs, but to provide ample names on Service Provider Lists to borrowers who want to shop on their own. This is especially critical for large national lenders struggling to compete at the local level. The SmartGFE Service, integrated with Point®, provides pricing data for national, regional and local service providers along with transfer taxes and recording fees, and backs its data with a compliance guarantee.
As the industry nears the end of the first year having grappled with the new RESPA rules, some issues are getting resolved. Loan officers and settlement service providers who have partnered with technology companies that can help process accurate Good Faith Estimates in all 50 states, have been able to compete at the national and local level while providing the best value to their customers.
Start utilizing SmartGFE’s services today. Find them in Point by going to Interfaces > Compliance > SmartGFE.