LenderLive Network Inc., a provider of business process outsourcing and technology to the financial industry, has confirmed its completion of all software upgrades and modifications necessary for ensuring its services are compliant with the new Real Estate Settlement Procedures Act (RESPA) regulations, set to take effect on Jan. 1, 2010.
From that date forward, RESPA will require that lenders and brokers provide consumers with a standard Good Faith Estimate (GFE) disclosure of key loan terms and closing costs.
Through its Guardian Mortgage Documents division, LenderLive has updated its documents to reflect these changes. In its preparation of the newly required fee and income disclosures, the company has updated the GFE and Truth in Lending Act forms, and has ensured that all forms meet the federal and state compliance regulations.
SOURCE: LenderLive Network Inc.