Help for Lenders Navigating New HUD Environment
Mortgage Spirit, a provider of loan search and pricing revenue management technology, released version 3.0 of its loan search and pricing engine, which the company says enables mortgage originators to stay in full compliance with the pending requirements and legislation dictated by the HUD-reformed Good Faith Estimate (GFE) requirements for 2010. "Lenders need to immediately begin preparing their staff for the 2010 requirements set by HUD, particularly those associated with the GFE, or they will face a rude shock that will tie directly to their pocketbooks," said Joel Horn, president of Mortgage Sprit. Mortgage Spirit's updated version automatically generates a .pdf file of the new GFE's language and guidelines within Mortgage Spirit's system. It includes all Real Estate Settlement Procedures Acts (RESPA) reform considerations, and effectively yields accuracy between revenue, closing costs and transfer tax figures listed on the GFE and HUD-1 at closing. "The latest version of our pricing and search engine was designed to handle the cumbersome new GFE format and assist loan officers to seamlessly adopt to the culture's new language and stay in full compliance with every delivery of the GFE," Horn said. "If Congress makes further alterations to these requirements, our system's framework is highly flexible and adaptable to keep users in full compliance."