Ernst Publishing Co., a provider of technology and closing cost data for the real estate and home finance industries, says that the tax reporting capabilities built into the company's patented closing cost and fee search engine technology have been updated to meet the Consumer Financial Protection Bureau's upcoming requirements for new consumer disclosures in 2015.
‘This will be one of the most difficult new disclosure requirements for lenders,’ says Chris Dufault, head of product development for Ernst Publishing. There are so many taxing jurisdictions that it requires very sophisticated technology to keep track of them. Failure to do so will be a compliance violation next year. That's why we got our technology ready early.’
The new functionality is available now. Powered by CoreLogic, the data will soon include partial taxes paid to date, payment due date, property statistics and more.