Online rate calculators for title and escrow services have become indispensable tools for loan originators over the last couple years. Why? Because a higher degree of accuracy is now required when loan originators disclose settlement fees to consumers on the Good Faith Estimate or GFE. And with settlement fees falling into three tolerance categories it’s critical for loan originators to know that the fees quoted by the title insurance and escrow provider will be accurate and won’t change by more than 10%.
Therefore as a service to our clients Ticor has created an easy to use, online rate calculator. View the calculator at http://ticorrates.com to try it out today!
- It’s easy to use
- 24/7 availablility
- No need to log in
- Calculate Fees in under a Minute
- Quotes are valid for 60 Days
Here’s a 2-minute video tour of TicorRates.com
Click on the play button below to watch it now.
A quick review of the GFE and HUD-1 Settlement Statement Changes
Last year significant changes were made to RESPA’s two primary disclosure forms (GFE and HUD-1 Settlement Statement) for the purpose of ensuring more timely and effective disclosures of the settlement costs of residential mortgage loans. One of the major changes was the addition of a third page to the HUD-1 which facilitates a side-by-side comparison of the settlement charges listed on the Good Faith Estimate vs. actual charges on the HUD-1 settlement statement. In addition, the new HUD-1 makes it easier for lenders and settlement agents to identify tolerance violations with the settlement charges.
Charges that cannot increase on the HUD-1 Settlement Statement
- Origination charge
- Credit Charge
- Adjusted origination charge
- Transfer taxes
Charges that cannot increase in total by more than 10% on the HUD-1 Settlement Statement
- Recording fees
- Title Services
- Any other required services that are provided by a company identified by the loan originator
Charges that can increase on the HUD-1 Settlement Statement:
- The initial escrow deposit
- Daily interest charges
- Homeowner’s insurance
- Any required services consumers purchase from providers not identified by the loan originator
What do you think? Is this calculator a time saver for your business?
Please share by commenting below!