Minimize risk of fee cures with enhanced fee capabilities

Real estate transaction fees can change frequently, presenting an ongoing challenge for lenders who are required to accurately disclose loan estimates to borrowers. According to a recent ICE study, the cost of fee cures can be substantial, occurring in one in three loans and contributing an average of $1,225 per loan to the cost of loan production.

Lenders need to stay up to date on fee changes at the local, state and federal level to avoid costly fee cures, dissatisfied borrowers and complicated closings.

ICE offers a suite of robust fee solutions that helps to save time, minimize costly fee cures and improve loan origination workflow by equipping lenders with a single source to manage fees required for the Loan Estimate and Closing Disclosure forms. With ICE Fee Solutions, lenders can secure operational savings earlier in the fee disclosure process, enabling them to stay in compliance, issue timely loans to the borrower without delays and optimize their operational expenses during origination.

Enhanced capabilities address and prevent fee cures

ICE Fee Solutions also offers additional enhanced capabilities, available exclusively to Encompass® loan origination system (LOS) customers, that includes patented fee monitoring and alerts, as well as an intuitive dashboard to provide actionable insights and visibility into when, where and why fee cures are occurring. These advanced features help lenders address the root cause of fee cures by allowing them to monitor fee occurrence and then actionably correct inefficiencies in their loan program.

Fee Monitoring

Fee Monitoring oversees all active loan applications and when a fee change is detected, it sends an automated alert in near real-time to the loan officer who can then redisclose the fees to the borrower. As a result, lenders gain a cost-efficient way to monitor thousands of jurisdictional changes and analyze their loan pipeline to determine impacted transactions, allowing change circumstances to be issued promptly while helping to eliminate costly cures.

Fee Cures Dashboard

The Fee Cures Dashboard provides detailed visibility into historical, active pipeline and on-demand loan-level fee cure data through visualizations and reporting. This allows lenders to diagnose past fee cure issues, make proactive adjustments to pipeline loans, implement timely redisclosures and prevent future fee cures, ultimately helping to save time and reduce costs.

The right fee solution

The right fee solution can be a game changer for lenders who need a seamless and cost-effective method to streamline the origination process, cut costs and mitigate risk. Leveraging solutions with accurate, actionable and up-to-date fee information, including alerts on local, state and federal changes, can provide a level of assurance to a lender’s loan pipeline that the fees disclosed are accurate, helping to eliminate fee cures by staying in compliance when changes occur outside of a lender’s purview.

SEE WHAT ICE FEE SOLUTIONS CAN DO FOR YOU