RISMEDIA, October 20, 2009—ClosingCorp, an independent real estate data service provider based in La Jolla, California announced that it will be integrating its SmartGFE service into Calyx Software’s Point software to allow originators to produce instant good faith estimates. Calyx Software is one of the mortgage industry’s leading providers of loan marketing, originating and processing software.
According to the company, loan originators using Point will be able to access live rates from Closing.com, one of the most comprehensive databases for real estate closing services in the industry. The SmartGFE service offers competitive rates and vendor information for providers in multiple service categories, including title insurance, home and pest inspections, appraisals, notary and home warranty services, directly from local vendors. Closing.com will also provide property taxes, transfer taxes and recording fees for each transaction, customized by location and transaction type.
In addition to auto-populating the good faith estimate, the SmartGFE adapts to the customs and practices of the area in which the subject property is located, showing who pays the closing or settlement fee. The selected data from Closing.com will automatically integrate with Point so that originators can create good faith estimates for borrowers with just a few clicks.
Under HUD’s new RESPA reform beginning January 1, 2010, loan originators must deliver more accurate good faith estimates. The GFE’s new form contains blocks or categories of estimated closing costs. Some blocks require that there be no discrepancies between the GFE and the final HUD-1. Other blocks have a 10% accuracy tolerance while others have no accuracy requirement. The SmartGFE seamlessly integrates with Point to deliver an easy and more accurate GFE to help lenders comply with these new tolerance limits.