ClosingCorp, offering closing cost data and technologies for mortgage lenders, real estate professionals and consumers, recently enhanced its SmartGFE service to help lenders prepare for implementation of the Consumer Financial Protection Bureau's (CFPB) new rules going into effect in January.
As per a company press release, the SmartGFE service now allows lenders to generate reports for borrowers that include a listing of local counseling agencies approved by the U.S. Department of Housing and Urban Development. The company claims this new functionality will save lenders time as well as keep them in compliance.
Borrowers with certain credit histories will be required to get housing counseling after applying for a mortgage under the CFPB's new rules. This allows borrowers to get advice about whether the mortgage loan terms are a good fit for them based on their individual goals and financial situation.
‘Lenders want to provide borrowers with all the information they need to make educated decisions about loan terms because it translates into solid, performing loans,’ says Brian Benson, CEO of ClosingCorp, in a release. ‘Giving lenders the capability to run this report within the SmartGFE service provides a level of convenience and confidence that the information is accurate without having to switch between systems.’