HUD Requirements into its Loan Search Pricing Engine
DENVER–(BUSINESS WIRE)–Mortgage Spirit, a Denver- established provider of loan search and pricing profits management technology for the mortgage business, broadcasted it has released version 3.0 of its loan search and pricing engine, which permits mortgage originators to stay in full compliance with the imminent requirements and legislation dictated by the HUD improved Good Faith Estimate (GFE) requirements for 2010.
Mortgage Spirit’s updated version to its loan search and pricing engine now automatically produces a PDF of the new Good Faith Estimate’s language and rules within Mortgage Spirit’s system.
Version 3.0 incorporates all Real Estate Settlement Procedures Acts (RESPA) reform considerations, enabling each loan to be more saleable in the secondary market under the new HUD environment. The enhanced version yields accuracy between revenue, closing costs and transfer tax figures listed on the GFE and those listed on the HUD 1 at closing.
Lenders need to immediately begin preparing their employees 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. 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. If Congress makes further alterations to these requirements, our system’s framework is highly flexible and adaptable to keep users in full compliance.
About Mortgage Spirit
Founded in 2004, Denver-based Mortgage Spirit provides loan search and pricing management technology designed specifically for brokers and smaller mortgage bankers. The company’s platform provides accuracy, mobility and efficiency to loan officers and identifies virtually any loan product from a wide variety of sources within minutes. For more information, please visit the company Web site at mortgagespirit.com.
Tags: HUD HomesRelated posts
Posted by Carlos Sagastume on May 5, 2009. Filed under HUD Homes.
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