First American Title Joins ClosingCorp's Service Provider Network
|October 30, 2012|
ClosingCorp announced that First American Title Insurance Co. is the newest member of its service provider network. As a member of this network, First American is providing title insurance rates and closing cost fees from the First American Comprehensive Calculator (FACC) for use with ClosingCorp’s SmartGFE Service and SmartGFE Calculator. In addition, ClosingCorp is providing its lender clients with access to First American’s current title insurance rates and closing fees.
“Lenders are relying on our SmartGFE tools to deliver the most accurate closing cost data possible. Therefore, it is incumbent upon us to work with the industry’s key leaders to integrate their rates and fees into our technologies,” said Paul Mass, president of ClosingCorp. “Now, lenders leveraging the SmartGFE Service and SmartGFE Calculator do not have to leave the system to access up-to-date title insurance rates and fees from First American Title Insurance Co. This contributes to the time savings that all lenders need and helps eliminate tolerance cures for inaccurate data.”
The SmartGFE Service provides lenders with a solution to capture Good Faith Estimate (GFE) data that is compliant with the Real Estate Settlement Procedures Act (RESPA). This data includes actual closing costs from more than 12,000 residential real estate service providers who are members of ClosingCorp’s Service Provider Network. Accurate recording fees and transfer taxes are also included with the SmartGFE Service.
“The FACC provides our customers with a rapid, user-friendly method of acquiring estimates for title insurance and settlement-related costs,” said Larry Godec, chief information officer for First American Title Insurance Co. “Joining ClosingCorp’s service provider network expands our reach to even more lenders across the country. Integrating FACC with the SmartGFE tools affords these additional lenders the opportunity to boost productivity and uphold RESPA guidelines.”