LodeStar Releases Loan Estimate Calculator

June 2, 2015

LodeStar Software Solutions, a provider of compliance and marketing solutions for the mortgage and settlement service industries, has released its Loan Estimate Calculator.

The Loan Estimate Calculator quotes settlement costs, title insurance premiums and municipal taxes for all 50 states to lenders, real estate agents and consumers. According to LodeStart, lenders are able to set up all their licensed settlement service providers in a single platform allowing for reduced missed tolerance costs, operational efficiency, and the secure transfer of information to the Settlement Agent.

The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) go into effect Aug. 1 for most closed-end consumer mortgages. A new three-page Loan Estimate will replace the current GFE and early Truth In Lending (TIL) disclosure, while a five-page Closing Disclosure will replace the HUD-1 and final TIL disclosure.

“The need to get accurate fees early in the loan life cycle is greatly increasing with the introduction of the TILA-RESPA Integrated Disclosures,” said Jim Paolino, CEO and founder of LodeStar. “Lenders now have less time to provide the Loan Estimate form and are held to a greater level of accuracy all while assuming more risk than ever before. LodeStar’s Loan Estimate calculator assists Lender’s in managing this risk while giving the consumer the ability to compare various service providers for a given transaction.”

The Loan Estimate Calculator is compatible with all smartphones and tablets. It also includes access to LodeStar’s Title Sales Manager lead generation software allowing LodeStar clients to view sales data and search activity from their customers in real time, the company said in a release.

LodeStar will present the Loan Estimate tool as a part of the TRID Technology Preview at the National Settlement Services Summit on Monday, June 8.

Contact ALTA at 202-296-3671 or communications@alta.org.