Westlake Village, Calif.-based title insurance and settlement services company Timios Inc. says it has developed the industry's first online good-faith estimate (GFE) calculator that complies completely with the Real Estate Settlement Procedures Act (RESPA).
The calculator acts in real time and meets RESPA's disclosure and tolerance levels, Timios says. Lenders enter loan information and receive an instant quote on title insurance, settlement fees and applicable government fees.
‘During testing, the feedback we received highlighted the ease of use of the application,’ says Len Splane, executive vice president at the company. "Our customers acknowledged that our new instant rate calculator works more efficiently than existing integrated solutions."
National mortgage banker/broker LSI Mortgage Plus, which has signed Timios as its preferred title services provider, says the new RESPA rules require greater coordination between vendors and lenders.
"RESPA now requires lenders to provide all borrowers with a list of approved service providers," notes Shannon Hesbon, LSI Mortgage Plus' compliance manager. "We have asked all vendors to provide quick and secure access to closing-cost information – title fees, recording fees, etc. – along with a guarantee of these cost estimates.
"The team at Timios was extremely responsive in meeting our needs and has made this transition smooth," Hesbon adds.
SOURCE: Timios Inc.