N.C.-based Title Agency Develops GFE Calculator
|March 4, 2010|
Huntersville, N.C.-based The Accurate Title Group released its TAG Good Faith Estimate Calculator (TAG GFE) in response to the Real Estate Settlement Procedures Act (RESPA) and its revisions to the Good Faith Estimate (GFE) and HUD-1 Settlement Statement.
Accurate Title said its TAG GFE provides instant, accurate calculations for purchase, refinance and home equity transactions in all 50 states and all counties for title insurance premium, 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 ATG's CIO Mike Cullen. "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."
Cullen said the TAG GFE is helping ATG quickly grow its national market share by simplifying GFE and HUD-1 preparation for high-volume mortgage and home equity processors. It also ensures GFE compliance and advises lenders of how fees are customarily split between sellers and buyers throughout the country, enabling lenders to confidently quote and close purchase transactions nationally. When ATG provides the settlement services in combination with the TAG GFE, a lender is assured of accurate disclosures, the company said in a release.