TitleHound Announces Solution
to Reduce Tolerance Losses
MIDDLETOWN, RI (April 20, 2011) –
TitleHound has announced a cost effective solution to
reduce costly tolerance losses with use of its patent
pending software product.
Recent implementation of legislative
rules surrounding loan officer’s compensation
and the elimination of claw backs have now converged
with the prior RESPA 2010 GFE requirements. This is
putting pressure on lenders who must directly cover
losses and tolerance cures caused by inaccurate GFE
fee quotes. The likely result is to create tolerance
losses that will quickly add up and negatively impact
earnings.
Lenders are looking for options and finding
estimated data solutions from alternative industry sources.
This ultimately results in the highest cost estimates
which reduce losses but do not eliminate the losses
altogether. Furthermore, these estimated data sources
may actually drive business away from lenders by estimating
the highest potential costs for settlement fees, which
may prevent potential borrowers from originating the
loan.
“The risk to lenders has
exponentially increased. So we are excited that we can
help them by providing the tools necessary to stop erosion
of earnings and help them increase their ability to
originate more loans,” says Jeffrey Adam, President
and CEO of NexGen Compliance Solutions, LLC.
With lenders absorbing tolerance losses
directly, the need to guarantee accurate data at point
of sale from a reliable group of industry experts is
now of paramount importance.
“NexGen’s team maintains and guarantees
accurate fees for all of blocks 4, 5, 6, 7, & 8
and is the only solution combining a powerful data guarantee
with the lowest and most competitive rates on the market,”
said Mr. Adam.
TitleHound is a patent pending software
product of NexGen Compliance Solutions, LLC which is
an innovative technology driven company providing title
insurance solutions for lenders, brokers, and agents.
The Company is changing the face of the title and settlement
industry with its revolutionary fee engine and the formation
of the NexGen Network, which assures consumers, lenders,
and underwriters efficient and cost effective service.
For more information, e-mail Sales
at info@titlehoundonline.com
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