LOS provider Mortgage Builder Software, Southfield, Mich., is the latest mortgage technology vendor to announce a software upgrade to comply with recent RESPA changes. Version 3.9 is fully compliant with the new rules of the Real Estate Settlement Procedures Act (RESPA), according to the comapny.
The updated version includes new Good Faith Estimate (GFE) and HUD-1 form functionality that allows lenders to make certain the specific loan costs shown on the GFE at time of application harmonize with the settlement statement the borrower sees at closing. In the past, the forms routinely differed, causing consumer complaints that led to the new regulations. The software also alerts the lender if verifiable “changes in circumstances” causes the numbers to change and the lender is required to re-disclose and issue a revised Good Faith Estimate.
“Staying compliant with RESPA is of utmost importance to lenders, and we wanted to make sure they were up to speed with Mortgage Builder’s RESPA capabilities so they could hit the ground running on January 1st," said Mortgage Builder CEO Keven Smith.
Mortgage Builder was the winner of Mortgage Technology magazine’s 2008/2009 Help Desk award for outstanding customer service and the industry’s best technical support.