After nearly 30 years in the industry and a successful track record of building technology that currently connects lenders responsible for 90% of the country’s loan volume to the nation’s largest title underwriters and thousands of settlement agents across the country, Ernst attacked the problem of TRID compliance nearly a year before the rule went into effect. Now, after a year of use in the industry, the solution is ready to protect the industry from CFPB’s upcoming enforcement audits.
Ernst’s answer to this problem is the Settlement Agent Gateway, a collaborative fee management technology that allows settlement agents to work with lenders to negotiate fees and then manage these fees in a web-based tool through which they certify the accuracy of their fees and then make them available to lenders who need to provide Loan Estimates under the new requirements.
We wrote about this solution in this short article and in a new white paper available on our website. The solution ensures full TRID compliance, protects the lenders from having to re-disclose later for quoting the wrong fees and protects smaller settlement agent firms from being pushed out of the market due to non-compliance concerns.
It works because it allows lenders to create their own proprietary network of approved settlement agents. Lenders can easily approve and migrate all settlement service fees and providers into a software solution that integrates with their LOS, closing portal and internal programs. Lenders control all naming conventions for their required settlement service fees so there is never confusion.
The Gateway provides lenders access to 100% 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. No other solution on the market today makes this possible.