Hartford National Title Launches Free Good Faith Estimate and HUD-1 Calculator
Free Online Application, OneSourceQuote, offers mortgage brokers accurate closing costs and fees estimates - Accuracy of calculations guaranteed
MILFORD, CONNECTICUT - (November 30, 2010), Hartford National Title, Inc., a leading provider of title insurance and real estate closing services, announced today the launch of OneSourceQuote, its new Good Faith Estimate (GFE) and HUD-1 title calculator. This free online application is the byproduct of many months' worth of developmental efforts and testing by programmers, staff, and beta clients.
Unlike many of the other title calculators offered by title companies, OneSourceQuote provides users with the reissue rate calculation on refinances and exact recording fees through an integration with a national recording database that is updated daily. These two features ensure that lenders and mortgage brokers using the calculator will not be "over-disclosing" by providing a borrower with higher-than-actual settlement charges on the GFE.
OneSourceQuote was developed due to the lack of free, accurate title calculators available to mortgage brokers and retail lenders. With increased disclosure standards required by the changes to the Real Estate Settlement Procedures Act (RESPA), which were implemented in January 2010, it is now more critical than ever for mortgage brokers and lenders to accurately estimate the closing costs and fees for all real estate transactions.
"With the onset of the new GFE we realized that there was a real need for an accurate title calculator for the mortgage broker and lender communities," commented Beth Grassette, In-house Counsel for Hartford National Title. "The complexity of the closing cost estimation process, especially when conducting business in multiple states, is such that even small errors could cost an originator thousands of dollars as well as credibility in the marketplace. We conducted extensive research on existing calculators, but did not find one that we considered a viable solution. Therefore, we built our own Good Faith Estimate (GFE) and HUD-1 title calculator that we feel best satisfies the requirements of RESPA and mitigates risk for mortgage originators."
Hartford National Title guarantees its online application to be accurate, and will bear the financial responsibility for any errors in calculations when the Company is being used to close and insure the transaction. Hartford National Title's calculator utilizes integration with Ernst Publishing Company's Real Estate Recording Calculator, which is considered the gold standard for recording fee calculations. Hartford National Title's calculator will estimate all state, city, and county recording fees and taxes, transfer taxes and stamps, title services, and title insurance costs and will automatically update in the event a municipality changes its recording fees or other costs.
Other important features of the calculator include: one-click ordering for title services, documentation and recording notes that provide all necessary legal requirements, and a PDF output that provides the quote in both a GFE and HUD-1 format for use by originators.
"Disclosing accurate closing costs to borrowers is not only legally required, but a sound business practice. No one wants to be hit with surprise costs at the last minute," added Ms. Grassette. "Managing expectations and correctly forecasting costs are crucial aspects in ensuring customer satisfaction. Our title calculator allows users to concentrate on their customers and leave the tedious computations to us."
For more information about OneSourceQuote, or to learn more about closing cost estimations and the Good Faith Estimate, please call one of Hartford National Title's closing experts at 877-848-5975, or visit http://www.hartfordtitle.com to get a free quote.
About Hartford National Title
Hartford National Title is a leading provider of comprehensive title and closing services to the real estate and mortgage industries. Founded in 2005, Hartford National Title provides services to mortgage brokers, real estate agents, attorneys, and borrowers to help produce clear property titles and enable an efficient transfer of real estate in all 50 states. Hartford National Title has developed OneSourceQuote, which is an online application designed to generate a Good Faith Estimate (GFE) and HUD-1 quote for title and recording fees. The Company guarantees OneSourceQuote to be accurate, and will bear the financial responsibility for any errors in calculations when Hartford National Title is being used to close and insure a transaction. For more information about Hartford National Title please visit http://www.hartfordtitle.com.
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