Premier Reverse Closings (PRC) launched a new online rate calculator to help its clients adapt to the new HUD-1 format which was changed as part of the new RESPA guidelines. Prior to releasing the tool, lenders would have to call the company to ensure they were providing accurate quotes to borrowers on the Good Faith Estimate.
The new tool automates the process online by calculating all the fees associated with the title and settlement process, including recording, endorsements and mortgage tax and most recently, applicable lines to insert the fees on the GFE and HUD
“The pricing tool is valuable to identify different state to state fees, i.e. mortgage registration tax, etc.,” said Doug Seaberg, Reverse Mortgage Branch Manager for Wells Fargo Home Mortgage covering Missouri, Kansas and Illinois. “It is important to have accurate figures for our customers so they know at application what they can expect to receive in net proceeds. The majority of our loans are to payoff an existing mortgage lien so every penny counts when calculating those proceeds available. Recent RESPA changes also require up front accuracy so you limit the amount of TIL re-disclosure (HERA/HOEPA) which helps us speed up our loan closing turn times,” said Seaberg.
Designed to meet the needs of the reverse mortgage community, PRC said the tool is updated regularly and improved thanks to feedback from clients.
“We understand the need for accuracy and access is imperative which is why our calculator is available 24 hours a day and takes only seconds to run,” said Lisa Steele, PRC’s senior vice president. “Our goal was to make obtaining a quote as easy as possible for our users, which is what we have achieved with www.prcfees.com.”
The company said it’s the first title company to offer an online title calculator tailored for the industry, but Real Estate Title and Escrow released one earlier this year. However, the PRC calculator is available nationwide.
You can sign up here.