Ernst, the leading provider of technology and closing cost data for the real estate and home finance industries for the past 29 years, was chosen by the Mortgage Bankers Association (MBA) to demonstrate its enhanced Settlement Agent Gateway (SAG) technology during the Technology Showcase at the MBA's Technology Solutions Conference & Expo, April 15-19 in Detroit.
“In a post-TRID world, lenders and settlement services agents must operate in lockstep in order to be effective,” Ernst Publishing’s President and CEO Gregory E. Teal said in a release. “Lenders need guaranteed accurate fee information in time to disclose to borrowers and settlement agents need the technology to set and manage their own pricing. Our enhanced Settlement Agent Gateway provides all of that and more.”
Ernst’s SAG is a collaborative fee management system. It allows settlement agents to negotiate fees with lenders and then manage those fees via a web-based tool. Lenders get certified fee information that is guaranteed to be accurate. This ensures full TRID compliance, protects the lenders from having to re-disclose updated fees later and protects smaller settlement agent firms from being pushed out of the market due to non-compliance concerns, according to the release.
Ernst programs process as many as 250 million real estate transactions annually, making it the most-used technology of its kind in the industry.