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In response to the new regulations under the Real Estate Settlement Procedures Act (RESPA), Advantage Title, Inc., an Irvine, California-based provider of technically-advanced title insurance and escrow services, has launched GFEz--a RESPA-compliant Good Faith Estimate (GFE) rate calculator that delivers easy online calculation of title- and escrow-related fees.
[IMAGE]The new RESPA reforms were implemented January 1, 2010, requiring lenders to provide residential customers with a new type of GFE. This document estimates settlement charges and summarizes loan terms for customers, and in most situations, title fees must fall within a tolerance level group that cannot collectively vary more than 10 percent in compliance with this reform.
""In light of the recent RESPA regulations, GFEz continues Advantage Title's demonstrated expertise in delivering
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superior online resources for title and escrow services that streamline efficiencies critical to today's real estate community,"" said Michael Tafoya, CEO of Advantage Title.
Advantage Title's GFEz provides instantly-generated, reliable electronic quotes for title premiums; endorsement, payoff, and recording fees; transfer taxes; and other title- and closing-related fees for lenders and real estate customers across the nation. The rate calculator is accessible 24/7, and all GFEs created are visible by users or their authorized associates. In addition, GFEs can be shared instantaneously with pertinent parties, and users have the ability to automatically order services directly from a quoted GFE.
Title officers and account managers have instant online access to GFEs relevant to their customers, and GFE drafts can be modified any time prior to being assigned to an in-process transaction. Following finalization, title officers can modify details in real time on behalf of customers. This new tool also includes an integrated property search with up-to-the-minute property information, ensuring selection of correct property during the GFE request process, and it has built-in regional geographical data, which seamlessly populates unique requirements for items such as transfer taxes.
Thanks to the accurate, user-friendly solution for online GFE quoting capabilities, Advantage Title is confident that its new rate calculator will prove appealing to both lenders and real estate professionals.
