LodeStar Demystifies Title Premium Calculations

December 15, 2015

LodeStar Software Solutions, a provider of compliance solutions for the Mortgage and Title Insurance industries, has released a new feature on its Loan Estimate Calculator to help title and mortgage professionals correctly disclose title insurance fees on purchase transactions. The “Title Premium Breakdown” feature shows the correct calculations needed for the Loan Estimate and Closing Disclosure forms as well as the industry standard calculations representing the actual cost at time of closing.

“This feature was developed to help alleviate confusion in the industry caused by the new calculations,” said Jim Paolino, LodeStar’s CEO and founder. “The simultaneous issue calculations required by the CFPB is a big pain point in the industry. LodeStar strives to help all our title agent and lender clients comply with these new requirements as well as show the title premiums in a way that accurately reflects the final costs.”

According to Paolino, the Loan Estimate Calculator quotes settlement costs, title insurance premiums and municipal taxes for all 50 states. Title agents are able to set up all client pricing in a single platform allowing for greater accuracy, operational efficiency, and compliance with ALTA’s Best Practices, the company said in a release.

Once an accurate quote is generated, title agents are able to securely receive orders via LodeStar’s ClosingBridge collaboration portal. ClosingBridge also serves as a single integration hub for closing processes, providers, and systems. ClosingBridge provides connectivity with title, settlement, loan origination, document prep, compliance, and document management systems for seamless information flow during the entire closing transaction.

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