Data and Analytics
Are fee cures an issue for your organization?
The Consumer Financial Protection Bureau (CFPB) has often been viewed as the sole government entity responsible for enforcing fee accuracy. However, states and local regions play a pivotal role in setting and enforcing fee calculation rules.
Because of this, lenders are responsible for not only staying up to date on mortgage fee changes at the federal level, but also whenever new laws are passed at the state or local level. Furthermore, if and when a new law is passed, its enactment can be delayed or arbitrary. This makes it even more difficult for lenders to accurately disclose fees in the Closing Disclosure.
If a lender discloses inaccurate fees to the borrower, they can be subject to paying fee cures. In a recent industry study, ICE found that fee cures occur on approximately one in three loans - costing an estimated $1,225 per loan.
Our recent white paper, How fee changes can directly impact lenders, provides four use cases that demonstrate how state and local fee changes can directly impact a lender’s operations and profitability.
Read the white paper to learn more about:
- The high cost of noncompliance and the evolving enforcement landscape
- State and local factors impacting recording fee and transfer tax calculations
- Four examples on how fee changes impact lender operations
- How ICE’s industry-leading fee solutions can help minimize fee cure risk
ICE can help reduce fee cure risk
ICE offers a suite of fee management solutions that can help lenders save time, streamline origination workflows and improve the borrower experience. In addition to providing accurate fee data, ICE Fee Solutions offers enhanced capabilities now available to Encompass® loan origination system (LOS) users to help address fee changes and prevent fee cures. These enhanced solution capabilities include:
- Fee monitoring: oversees all active loan applications; sends an automated alert in near real-time to the loan officer when a fee change is detected.
- Fee cures dashboard: provides detailed visibility into historical, active pipeline and on-demand loan-level fee cure data through visualizations and reporting; allows lenders to diagnose past fee cure issues, make proactive adjustments to pipeline loans, implement timely redisclosures and prevent future fee cures.
By utilizing ICE Fee Solutions, lenders can better support compliance, issue timely loans to the borrower without delays and optimize their operational expenses during the origination process.
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