Ernst, the leading provider of technology and closing cost data for the real estate and home finance industries for the past 28 years, reported that the company was seeing vastly more fee changes for recording documents into the public record that has been typical for this time of year, the company announced in a release.
Ernst tracks fee changes for the vast majority of lenders, automatically making updates to their systems so that guaranteed accurate fees are provided for disclosing to consumers on Loan Estimates, per CFPB's TRID requirements.
"We expect to see a fair number of fee changes and updates coming out of the nation's county recorders' offices each month, but June has seen vastly more change activity than has been historically normal," Ernst CEO/President Gregory E. Teal said in the release.
County recorders are under no obligation to inform mortgage lenders of fee changes but lenders are required under TRID to disclose accurate fee information to borrowers within three days of receiving a completed loan application, the release stated.
Failure to track changes in every jurisdiction can expose the lender to non-compliance risk, so Ernst tracks these fees with patented fee search technology and then updates its fee engines, guaranteeing the accuracy of every fee it reports back to lenders.
Ernst programs processed 250 million real estate transactions in 2016, making it the most used technology of its kind in the industry. Since the company was founded 28 years ago, Ernst has processed well over 1 billion transactions and unveiled dozens of technologies and products that produce efficiency across the real estate industry.