Whitepaper
How fee changes can directly impact lenders
Four use case examples demonstrating potential consequences
Federal, state and local fee changes present challenges for lenders
Accelerating real estate fee complexity and a shifting regulatory landscape constitute a major challenge and expense for lenders.
Without the right solutions in place, it can be especially difficult for lenders to stay up to date with ever-changing federal, state and local fees. Further, if lenders disclose inaccurate fees to a borrower during the closing process, they can be subject to paying penalties and fee cures - which directly impacts profitability.
Our new whitepaper, How fee changes can directly impact lenders, presents four use case examples that demonstrate the direct impact fee changes can have on a lender’s bottom line.
To address this challenge, ICE offers a suite of fee management solutions that are directly integrated into the Encompass® LOS to help lenders support compliance at the federal, state and local level, as well as prevent fee cures from happening.
ICE Fee Solutions includes:
- Loan Estimate and Closing Disclosure fees: Delivers accurate recording fees, transfer taxes, lender and owner title premiums, endorsements, settlement fees and inspection fees.
- Date-forward Calculator: Calculates future fee and property tax changes based on a loan’s projected close date.
- Settlement Agent Gateway: Allows lenders to create their own national network of service providers for fast, easy access to fee information.
- Property Tax Solutions: Provides fast, affordable nationwide property tax data for loan estimates and closing disclosures.
- Fee Monitoring: Monitors jurisdictional level fee changes and alerts of possible impacts to quoted loans, automatically identifies impacted pipeline loans for 60–90 days, recalculates fees and provides near real-time alerts when a fee change is detected. Available to Encompass clients only.
- Fee Cures Dashboard: Provides early detection of potential fee changes and identifies the source for fee changes so the root cause can be addressed, reducing time spent on corrections from monitoring. Available to Encompass clients only.