Jacksonville, Fla.-based Lender Processing Services Inc. (LPS) has released a new offering designed to enable lenders to order Good Faith Estimate (GFE) data through the LPS Loan Quality Gateway, powered by RealEC.
According to the company, the new GFE Service helps lenders accurately quote loan fees and eliminates the need to maintain internal fee tables and cumbersome, manual calculations for GFE disclosures. The GFE Service uses a provider network to deliver GFE settlement charges, which can help lenders manage tolerance requirements related to fees, amounts owed and adjustments shown on the HUD-1 form.
The LPS Loan Quality Gateway is an open platform that provides the integrations, data management, decisioning and workflow management required for current and emerging loan quality programs, the company adds.Â
‘By using LPS' new GFE Service, lenders are now better positioned to meet regulatory requirements and improve efficiencies,’ says Andy Higginbotham, executive vice president of strategy and business development for LPS' loan origination technology division. ‘The GFE Service streamlines the origination process by delivering more accurate data and increased automation to an otherwise manually intensive process.’