Real estate search engine Roost has partnered with Closing.com to provide real-time estimates of closing costs.
Roost.com users who want to explore closing costs can click on a link within a listing, taking them to a branded page on Closing.com. There, they can compare live rates from a database of more than 125,000 vendors, who provide services in 11 categories including title insurance, home inspections, pest inspections, appraisals, notary and home warranty services, Closing.com said.
Closing.com’s SmartClosing Calculator will estimate all closing costs, including local property taxes, transfer taxes and recording fees for individual properties.
Closing.com operator ClosingCorp of La Jolla, Calif., last month announced a similar partnership with ZipRealty.com (see story).
Loan originators using Calyx Point in November gained access to ClosingCorp’s SmartGFE service in November, helping them meet new requirements that took effect his year under the Real Estate Settlement Procedures Act (see story).
As of Jan. 1, RESPA requires loan originators to use a standardized Good Faith Estimate that’s designed to help consumers comparison shop and protect them from "bait and switch" tactics by loan originators.
When loan originators select title insurance or other settlement services for borrowers, the estimated charge for those services provided on the GFE cannot increase by more than 10 percent at closing.
Loan origination charges quoted to the borrower on the GFE can’t change at all, and mortgage brokers must disclose yield-spread premiums to borrowers and credit them against their closing costs.
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