First Title & Escrow and Calyx Team Up in the Services Menu to Provide Instant, Exact Closing, Title and Recording Fees Nationwide

Calyx Software and First Title and Escrow today announced an integration in Calyx Point software that transmits exact title and closing fees from First Title and Escrow right into the the programin seconds. Stephen Papermaster, President of First Title states, "Partnering with the mortgage industry's leading LOS provider advances our goal of providing originators with accurate title fee data instantly at origination. With HUD's push to mandate precisely accurate cost disclosures in connection with its proposed ‘GFE Model,' our clients' utilization of the data will not simply be a value-add, but an absolute necessity within their procedures when making disclosures. The Point LOS will now receive a pre-HUD with perfect and exact closing fees, title fees and recordation fees.”

This integration solves a huge problem in the industry as all around the country, mortgage lenders are paying out huge amounts in consumer restitution and penalties as a direct result of consumer complaints that are being submitted to state regulators in record numbers. Complaints concerning errors made in connection with the issuance by a Lender of the Good Faith Estimate (GFE) have consistently been among the top ten consumer complaints made to state regulators. While many of the complaints arise out of actions taken by individual loan officers without the knowledge of the company’s owners or compliance officers, as a result of the license being in the name of the owners, those owners are ultimately responsible for the wrongdoings of their employees.

The new integration will appear in Point users' software beginning July 2, 2007 as an electronic update. For more information, please see www.calyxsoftware.com.