In response to the new regulations under the Real Estate Settlement Procedures Act (RESPA), ""Accurate Title Group, LLC"":http://www.accurategroup.com/ (ATG), a full-service appraisal, title insurance, closing, and settlement provider based in Huntersville, North Carolina, recently announced the release of its TAG Good Faith Estimate Calculator (TAG GFE).[IMAGE]
Under the amended regulatory requirements of RESPA, which went into effect January 1, 2010, lenders and mortgage brokers are required to provide consumers with a standard GFE that clearly discloses key loan terms and closing costs. In addition, closing agents are required to provide borrowers with a new HUD-1 Settlement Statement, comparing consumers' final and estimated costs.
The TAG GFE is a user-friendly tool that simplifies GFE and HUD-1 preparation for high volume mortgage and home equity processors. It also ensures GFE compliance and advises lender of how fees are customarily split between sellers and buyers throughout the country, enabling lenders to confidently quote and purchase transactions nationally.
In addition, the TAG GFE provides instant, accurate calculations for purchase, refinance, and home equity transactions in all 50 states and all counties for title insurance premiums, endorsements, CPL fees, search, closing fees, recording costs, and transfer taxes.
""We quickly assessed the available market and saw an opportunity to divert our IT priorities to leap frog the competition on fee disclosure,"" said Mike Cullen, ATG's CIO. ""It is exciting to streamline the development of technology to provide more accurate, detailed and comprehensive fees faster than any other product available today. We see this as a step towards a fully automated, instant HUD-1.""
ATG said when it provides settlement services in combination with TAG GFE, a lender is assured of accurate disclosures. This new tool can be quickly accessed via the ATG Web portal or through a loan origination XML interface.