*Branching Out To Serve New Mortgage Entrants*
**Credit Unions Need Automation, Too**
***The mortgage market is changing. New companies are entering and a lot of those new entrants are credit unions. However, these institutions are not mortgage experts. As such they need technology to help. To this end, PROGRESS in Lending has learned that ClosingCorp.’s SmartGFE Service is now available to credit unions. Here’s why this is significant:
****ClosingCorp’s SmartGFE Service will enable credit union lending units, whether direct or supported by a CUSO, to create instant, accurate RESPA-compliant GFEs with virtually no user interaction. The system delivers current rates for real estate closing services nationwide, as well as transfer taxes and recording fees.
****“In today’s regulatory environment, the delivery of accurate and timely GFEs is vital for credit unions, as well as all financial institutions involved in the lending process,” said Cathy Blaszyk, vice president of Lender Services for ClosingCorp. “Credit union membership is on the rise as consumers look for alternatives to large banks and are more aware of the support local credit unions can offer beyond just auto financing. Credit unions have experienced significant growth in mortgage originations since the start of the housing crisis and are uniquely positioned to capture increased market share.
****“By introducing the SmartGFE Service to the credit union industry, we are furthering our objective to help institutions increase productivity and avoid tolerance violations by guaranteeing RESPA compliance,” added Blaszyk. “Custom configuration features allow credit unions to instantly access the necessary data from specific service providers and generate highly accurate GFEs, drastically improving their lending operations and the level of service provided to their members.”
****The SmartGFE Service instantaneously generates accurate, geocoded rates for GFE Blocks 3-8 obtained from ClosingCorp’s national network of more than 10,000 real estate service providers, as well as the company’s proprietary recording fee and transfer tax database. The solution removes the need for loan officers to make decisions or manually input existing information found in a loan file.