Vendor ClosingCorp said Thursday it is making available a service that helps credit unions handle good faith estimate disclosures.
The company said the service aims to enable credit union lending units, whether direct or supported by a credit union service organization, to create GFEs in line with the Real Estate Settlement Procedures Act. The system was designed to deliver current rates for real estate closing services nationwide, as well as transfer taxes and recording fees.
While initially compliance with the evolving GFE was something a lot of lenders “thought they could solve on their own,” they have since found it helpful to get third party assistance, Cathy Blaszyk, vice president of lender services for ClosingCorp. told this publication in a recent interview.
“We hear so much of a lender's resources [are used] just to support all these regulatory changes,” she said, noting as a result they have more often turned to third party providers who can help handle the workload.
In a press statement, Blaszyk also noted that credit unions in particular need assistance as they are gaining mortgage market share.
