Hartford National Title, Inc., a provider of title insurance and real estate closing services in Milford, Connecticut, has launched OneSourceQuote, a new good faith estimate (GFE) and HUD-1 title calculator, as a free online application.
According to a statement from the company, OneSourceQuote was developed due to the lack of free, accurate title calculators available to mortgage brokers and retail lenders. The new application provides users with the reissue rate calculation on refinances and exact recording fees through integration with a national recording database, which is updated daily.
The company cites increased disclosure standards required by the changes to the Real Estate Settlement Procedures Act (RESPA) for the critical need for mortgage brokers and lenders to accurately estimate closing costs and fees for real estate transactions.
""With the onset of the new GFE, we realized that there was a real need for an accurate title calculator for the mort-
gage broker and lender communities,"" said Beth Grassette, in-house counsel for Hartford National Title. ""The complexity of the closing cost estimation process, especially when conducting business in multiple states, is such that even small errors could cost an originator thousands of dollars as well as credibility in the marketplace.""
OneSourceQuote's calculator utilizes integration with Ernst Publishing Company's Real Estate Recording Calculator and will estimate all state, city, and county recording fees and taxes, transfer taxes and stamps, title services, and title insurance costs, and automatically update in the event a municipality changes its recording fees or other costs.
Other features include one-click ordering for title services, documentation, and recording notes that provide all necessary legal requirements, and a PDF output that provides the quote in both a GFE and HUD-1 format for use by originators.
""Disclosing accurate closing costs to borrowers is not only legally required but a sound business practice,"" said Grassette. ""No one wants to be hit with surprise costs at the last minute. Managing expectations and correctly forecasting costs are crucial aspects in ensuring customer satisfaction. Our title calculator allows users to concentrate on their customers and leave the tedious computations to us.""
Hartford National Title guarantees OneSourceQuote to be accurate and will bear financial responsibility for any errors in calculations when the company is being used to close and insure the transaction.