RESPA, which went into full effect on 1/1/2010, is the guiding regulation for the Good Faith Estimate. RESPA includes a new definition of an application that would trigger a RESPA disclosure (GFE). Also, some fees cannot be changed after initial disclosure, and other fees must remain within tolerances. These changes were made in an effort to make fees more easily understandable to the borrower.
And while whether that goal was accomplished or not has yet to be determined. However, PointCentral can simplify things for you. If you are concerned that not all of your loan officers are on the same page regarding GFE fields and data, PointCentral has the solution. With templates, you can pre-populate the constant GFE fields and identify others as required fields that will trigger hard stops that inform the user of the required fields. With rules within PointCentral, you can also disable fields in the GFE after the user has indicated that the disclosure has been issued—meeting RESPA’s zero-tolerance for changes to certain data fields.
PointCentral can give you better control over compliance and help you breath a little easier. To learn more about rules and templates, contact your sales representative at 800-362-2599 for a demonstration.