OpenClose Releases “GFE Lockdown” for Enhanced Editing Features in Its Loan Origination Software That Greatly Improves GFE Accuracy

OpenClose Releases “GFE Lockdown” for Enhanced Editing Features in Its Loan Origination Software That Greatly Improves GFE Accuracy

WEST PALM BEACH, FL–(Marketwire – August 31, 2010) –  OpenClose Mortgage Software, developers of Web-based, loan origination software, has released the enhanced editing version that improves the accuracy of information flow in the new good faith estimate (GFE). The GFE lockdown “significantly improves” accuracy of loan documents allowing for those lenders to gain better control of 2010.

Regulatory change called for a redesigned GFE this year to — in part — provide borrowers with more detailed closing cost information in order to make better informed decisions. But mistakes, or erroneously changed fees, can create inaccurate applications and non compliant loans. For example, a loan officer might try to waive a charge that the lender stipulates as mandatory.

OpenClose created the GFE lockdown to provide lenders with even greater control by adding the ability to lock down fields in the fee maintenance and closing cost scenarios modules. By checking the “Lock on GFE” checkbox, a loan administrator can freeze the dollar value for that fee and then it cannot be changed on the Good Faith Estimate by any originator or processor.

“The redesigned GFE 2010 provides many more details for prospective homebuyers,” said Jason Regalbuto, President, OpenClose, “but with those details comes more chance for error. Our new GFE lockdown feature provides an extra level of control and therefore, peace of mind.”

I’m for whatever makes the transaction faster and easier. Technology is a beautiful thing – when it works.

Posted via email from Title Insurance
Continuing Ed for Title Agents

OpenClose Releases “GFE Lockdown” for Enhanced Editing Features in Its Loan Origination Software That Greatly Improves GFE Accuracy

OpenClose Releases “GFE Lockdown” for Enhanced Editing Features in Its Loan Origination Software That Greatly Improves GFE Accuracy

WEST PALM BEACH, FL–(Marketwire – August 31, 2010) –  OpenClose Mortgage Software, developers of Web-based, loan origination software, has released the enhanced editing version that improves the accuracy of information flow in the new good faith estimate (GFE). The GFE lockdown “significantly improves” accuracy of loan documents allowing for those lenders to gain better control of 2010.

Regulatory change called for a redesigned GFE this year to — in part — provide borrowers with more detailed closing cost information in order to make better informed decisions. But mistakes, or erroneously changed fees, can create inaccurate applications and non compliant loans. For example, a loan officer might try to waive a charge that the lender stipulates as mandatory.

OpenClose created the GFE lockdown to provide lenders with even greater control by adding the ability to lock down fields in the fee maintenance and closing cost scenarios modules. By checking the “Lock on GFE” checkbox, a loan administrator can freeze the dollar value for that fee and then it cannot be changed on the Good Faith Estimate by any originator or processor.

“The redesigned GFE 2010 provides many more details for prospective homebuyers,” said Jason Regalbuto, President, OpenClose, “but with those details comes more chance for error. Our new GFE lockdown feature provides an extra level of control and therefore, peace of mind.”

I’m for whatever makes the transaction faster and easier. Technology is a beautiful thing – when it works.

Posted via email from Title Insurance
Continuing Ed for Title Agents

eLynx releases HUD-1 compliance tool for its Electronic Closing Network | Mortgage News | Industry Advice for Mortgage Professionals

eLynx releases HUD-1 compliance tool for its Electronic Closing Network

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eLynx, a portfolio company of American Capital, has announced that it has released its new eHUD service, a component of the Electronic Closing Network (eCN), that makes it easy for lenders and closing agents to comply with Real Estate Settlement Procedures Act (RESPA) regulations governing Good Faith Estimates (GFE) and the HUD-1.

Recent changes to RESPA regulations limit the differences allowed between the fees disclosed on the GFE and the amounts collected from the borrower at the closing table. These controls require that lenders and settlement agents work closely to negotiate fees and limit differences on the HUD-1 while preparing mortgage documents.

In the past, preparing the HUD-1 was a manual process that required numerous phone calls and faxes. eLynx’s new eHUD service provides a mechanism for lenders and settlement agents to collaborate electronically and in real-time. All parties can quickly and transparently negotiate the fees on a HUD-1 before reaching the closing table. The eHUD service also automatically compares the fees to the original GFE, identifying differences that exceed the allowable amount. This allows lenders and settlement agents to improve their RESPA compliance.

Posted via email from Title Insurance
Continuing Ed for Title Agents