Leverage the RealEC Exchange™ to ensure RESPA compliance.

Are You at Risk?

Today’s lending market environment presents increasing challenges for lenders and their business partners to ensure legal and regulatory compliance within their operations.

Effective January 1, 2010 HUD requires that lenders provide borrowers with a new standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. Lenders will be held accountable for service provider charges that are not consistent with the fees quoted in Block 6 of the GFE.

This new RESPA rule introduces even more stringent guidelines and requires important changes to your operational processes for disclosing and managing loan information with the borrower at the point of sale. These changes require lenders and their settlement service vendors to rethink the way they collaborate to ensure that these new requirements are satisfied.

RESPA Compliance Made Easy

In response to these new challenges, RealEC has introduced new services designed to streamline and facilitate the required collaboration, disclosure and data management to ensure RESPA compliance.

RealEC provides a complete suite of RESPA compliance services, including data based services and fully managed options that ensure the lender is always in compliance.

RealEC’s Collaborative Partner Network and new GFE Service provide the lender with a single source to electronically access accurate up-to-date service provider information nationwide and obtain the data necessary to meet the latest RESPA guidelines.

Fees for all GFE Block 6 Services

• Home Inspection
• Pest/WDO/WDI Inspection
• Septic Inspection
• Well Inspection
• Water Testing
• Structural Inspection
• Smoke Detector Test
• Survey/Platt Certification

Multiple Managed Solutions

The GFE service can be customized to meet the lender’s specific GFE requirements, whether it is a single service type search ordered via the web or multiple service types with specific data delivery requirements through direct LOS system integrations.

RealEC also offers lenders the option to designate the method by which the service provider information will be returned, including customized PDF templates that can be attached to the GFE or XML data to populate internal systems.

RealEC offers multiple data-centric solutions for the automated electronic fulfillment of service provider data and fees to be included on the GFE. Lenders have the ability to select either the inclusion of standard settlement service data, or a set of services with guaranteed fees. Both services assure that your processes comply with the new RESPA rule.

Eliminate Risk

Discover the reason why major lenders are already using our GFE services. Contact RealEC today to find out how you can put RESPA Compliance Solutions to work for your business.