CFPB Solution Suite

On October 3rd, 2015, the new CFPB Requirements went into effect. Ernst has programmed these new requirements, available today in XML, DLL, Mobile and Custom Fee Engine technology.
Ernst’s Patented Monitoring Program not only alerts Lenders and Title Closing Agents working on the same loan of a change, it goes a step further and recalculates that change automatically and simultaneously sends notifications to the Lender and the Closing Agent. From quote to closing, Ernst’s Cost2Close program can monitor and alert parties to changes for all Ernst managed fees.
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Over 7400 neighborhood locations in states with transfer tax that can now be mapped to their corresponding tax jurisdiction. As new neighborhoods are created, Ernst and the Lender can work to continue to expand this list. Ernst can include this Translation Table access as part of our XML service and in Fee Engines so that both organizations can work collaboratively toward as accurate a solution as possible.
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This program will enable Lenders to easily approve and migrate all Settlement Service Fees and providers into their work flow with minimal effort. Lenders can work with Ernst to determine the guidelines for acceptable Settlement Agent Service Fees and associated requirements. The Ernst Settlement Agent Gateway assists Settlement Agents in inputting, storing and certifying their Settlement Service Fees. Once on board, Settlement Agents will be required to manage their fees as required by the Lender (quarterly, semi-annually, etc.). The Lender will have the ability to approve Settlement Agents and their negotiated rates. Rates will not be promoted to production without the Lenders approval.
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CFPB requirements include providing the taxing authority a breakdown of all taxes to be paid for every tax quoted. These can include State, County, City and Municipal taxes. Local taxes may be as granular as a school district or library foundation, etc. Ernst will automatically provide the required tax splits broken out and totaled for all of our tax calculations. Ernst will also provide the Payee with every tax calculation.
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The CFPB requirements include calculating customary Buyer/Seller Splits to the municipal level. Ernst provides Lenders with statutory and suggested customary Buyer/Seller splits for every jurisdiction requiring transfer taxes and local municipal taxes due to the county recorder at the time of recording. Ernst suggested Buyer/Seller Splits can be applied to our XML and Fee Engine solutions. These splits can be managed and over-ridden by Lenders.
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