In response to the Real Estate Settlement Procedures Act (RESPA) and its revisions to the Good Faith Estimate (GFE) and HUD-1 Settlement Statement, the Accurate Title Group LLC (ATG) has released an automated GFE calculator.
The new product offering provides instant calculations for purchase, refinance and home equity transactions in all 50 states and all counties for title insurance premiums, endorsements, CPL fees, search, closing fees, recording costs and transfer taxes, ATG says.
‘We quickly assessed the available market and saw an opportunity to divert our IT priorities to leapfrog the competition on fee disclosure,’ says ATG's chief information officer, Mike Cullen, adding that the company views the new product as a step toward a fully automated, instant HUD-1.
The GFE calculator was designed to allow for access via ATG's Web portal or via a loan origination XML interface.
SOURCE: The Accurate Group