SOURCE: Closing.com

smart good faith estimate rates and data service

October 12, 2009 00:00 ET

Closing.com's SmartGFE™ to Be Integrated Into Calyx Point to Provide Instant Good Faith Estimates

New Service Helps Originators Comply With HUD's New Tolerance Rules

SAN DIEGO, CA--(Marketwire - October 12, 2009) - ClosingCorp, an independent real estate data service provider based in La Jolla, California announced today that it will be integrating its SmartGFE™ (www.closing.com/smartGFEdemo) service into Calyx Software's Point software in November to allow originators to produce instant good faith estimates. Calyx Software is the mortgage industry's leading provider of loan marketing, originating and processing software.

Loan originators using Point will be able to access live rates from Closing.com, the most comprehensive database 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 ten percent 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.

The SmartGFE integration was announced at the Mortgage Bankers Association's 96th Annual Conference and Expo and will be available for use this November. "Now, originators will be able to create estimates instantly using current closing rates and other data from national, regional and local service providers as well as local taxes and fees from a single neutral source," said Tony Farwell, CEO of ClosingCorp.

About Calyx Software

Calyx Software, the #1 provider of mortgage solutions for banks, credit unions, mortgage bankers and brokers, is dedicated to offering reliable and affordable software that streamlines, integrates and optimizes all phases of the loan process. Point, the preferred application for mortgage brokers and bankers, offers advanced technology with functionality and simplicity that makes loan processing fast and easy. A complete end-to-end platform, PointCentral enables a secure, efficient workflow with centralized storage and remote access. Using Calyx Network, loan officers can connect automatically with over 200 vendors and service providers with high-speed, seamless interaction. With Point SDK companies can easily integrate their current customer relationship management system, sales tools, lead generation software or any other back office systems with Calyx Point. All Calyx products are designed to maximize profitability by enabling more loans to close quickly. For more information, call (800) 362-2599 or visit www.calyxsoftware.com

About ClosingCorp

ClosingCorp, an independent real estate information services company based in La Jolla, Calif., owns and operates the most comprehensive database for real estate closing services in the industry. Through its Closing.com Web site, SmartGFE for lenders and its SmartClosing Calculator used by some of the Web's leading real estate listing sites, the company's technologies empower consumers and real estate professionals to shop, compare and evaluate real estate closing services in their area while producing a more accurate closing estimate. Users can calculate monthly payments, closing costs, and cash needed to close their transaction. In addition, they can learn more about each provider's products, services and rates and make inquiries online. ClosingCorp does not own, sponsor or endorse any company that is listed in its database. For more information about ClosingCorp and its products, visit www.closingcorp.com.

Contact Information

  • Media Contact:
    Kristin Ewald
    858-551-1500 x212