Albany, New York-based Ernst Publishing Company, a provider of technology and closing cost data for the real estate industry, updated its patented search engine technology, making it ready for lenders who must comply with the new Consumer Financial Protection Bureau Integrated Disclosure rule coming next year.
“Federal regulators are continuing the work of making it easier for consumers to ‘Know before they owe’ with the new Integrated Disclosure rule coming in a few months,” said Gregory Teal, president and CEO of Ernst Publishing.
“The new rules require even more accuracy and will impose a high price on lenders that can’t tell consumers exactly what they must pay when they get to the closing table. Fortunately, our fee search engines are ready to provide that information now,” Teal added.
The updated solution automatically recalculates based on any change and simultaneously sends notifications to the lender and the closing agent.
Additionally, Ernst has included a buyer/seller split functionality down to the local/municipal level, supports multiple payees with the required disclosure and breakout of every payee in every jurisdiction and support for the disclosures under the CFPB’s expected standardization of settlement service fee rules.