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h to TRID Compliance production process and automatically loaded into the required disclosures. For auditing purposes, complete logs are made available, including reports for all fee changes. Historical fee values can be retrieved and reapplied at any time for audit purposes. Rules can be created to approve fees or that apply to specific agents. Fee types can vary by fee, loan type, line of business, location and many other classifications. Monitoring programs are built in to alert the lender if a fee change would impact an existing transaction. This technology is not a closing portal. Because fees must be disclosed accurately to borrowers long before they get to the closing table, both lenders and settlement agents need a tool that will allow fees to be negotiated far in advance of the close and then locked into the lender's closing cost search engines. This software makes that possible today. The Gateway provides lenders access to 100 percent accurate fees from the partners they choose to work with from their first quote, keeping them in full compliance with TRID and providing a better experience for their borrowers. Best of all, the solution gives lenders this power at little to no extra cost. Advantages available to lenders now It only takes minutes for authorized users to enter information into the Ernst system, storing fees that can be accessed by lenders at any time. Settlement agents can also store their vendor information for reporting on the Loan Estimate and SSPL listings, as required by the CFPB. There are many advantages lenders and settlement agents are enjoying today, thanks to the Ernst Settlement Agent Gateway, including: l Lenders: Your fees are always accurate and 100 percent guaranteed. l Settlement agents: Become quickly networked within a lender's proprietary program. l Ernst manages the complete process. l It's CFPB compliant. l Our programs are fast and easy to use ... it takes minutes to enroll. l All programs are lender-specific. l The cost is minimal. For lenders, there is no fee to integrate this service into an existing Ernst platform. In fact, there is no technology implementation to perform or complete. The technology simply works and is available now. Lenders can expect to continue to pay the currently negotiated click rate for the fees, exactly as they do today. If the lender chooses to work with a settlement agent that is not currently using the Settlement Agent Gateway to provide 100 percent accurate fee quotes, it only takes a few minutes to get them signed up to use the system. While there may be no cost to the lender, there are many benefits loan originators will enjoy, perhaps the most significant of which is the ability to work with the partners they choose without fear of noncompliance. The Ernst Settlement Agent Gateway minimizes lender cures by quoting fees from a local nmp By Gregory E. Teal provider that apply to the area where the property is located with 100 percent accuracy. The lender can create their own custom network of settlement agents or they can use the network already established by Ernst and its partner eLynx. This technology allows loan officers to provide accurate quotes to borrowers provided by the local settlement agents they typically work with, allowing them to maintain the relationships that bring them more business. Ernst manages the network for the lender, requiring settlement agents to certify/guarantee their fees and then recertify the accuracy of their fees periodically, typically quarterly. While others will claim that a solution to TRID-related problems is possible or could be constructed, Ernst is already delivering it. Find out more by contacting the company today. Gregory E. Teal is president and CEO of Ernst Publishing, an industry data and technology provider that processes more than 150 million transactions involving closing cost data each year. The company offers closing cost data nationwide in a variety of technology formats, including mobile. His golf handicap is four. Gregory can be reached by e-mail at Gregory.E.Teal@ErnstInfo.com.

Table of Contents for the Digital Edition of NMP - October 2016

Table of Contents
NMP - October 2016 - Cover1
NMP - October 2016 - Cover2
NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
NMP - October 2016 - 3
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NMP - October 2016 - Cover3
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