Ernst Monitoring Service

Maintaining compliance throughout the loan process with new RESPA regulations is a challenge. Recording Fees and Transfer Taxes often change between the time a Good Faith Estimate (GFE) has been issued and the loan closing. RESPA requirements now demand a zero tolerance for errors in GFE quotes for Transfer Taxes and a ten percent tolerance for errors in Recording Fees. New RESPA reforms also require lenders to reissue their GFE to their borrower within three days of finding out about an increase. Failure to quickly issue an updated GFE means that lenders may be required to pay the difference in increased fees or taxes.

Ernst Monitoring Service is designed to assist lenders with maintaining RESPA compliance throughout the GFE process. As experts in recording requirements for land record offices across the nation, we understand how difficult it is to track changes in county recorder offices and then to recalculate these changes for loan transactions that are in process. We can help.

What fees do we monitor?

Our Monitoring Service alerts our clients and recalculates all changes in Recording Fees or Transfer Taxes quoted in a GFE that is prepared using Ernst’s Calculators. We monitor the following types of Recording Fees and Transfer Taxes:

• Deed Recording Fees
• Satisfactions
• Deed Transfer Taxes
• Assignments
• Mortgage Recording Fees
• Releases
• Mortgage Transfer Taxes
• Other miscellaneous documents

How does it work?

Once you enroll in Monitoring Service, Ernst will maintain the details of all transactions processed through our Recording Fee and Transfer Tax calculators every day, for 60 days.

• If a jurisdiction changes its fees, we recalculate your transaction using your original input values and alert you to the change for each outstanding GFE.
• Our Monitor Alerts notify you of transaction changes and provide you newly calculated values within 24 hours of our making the change to our program.
• Your updated fee calculations are Guaranteed.*
• We maintain a record of each transaction change to assist with RESPA compliance requirements.

Who do we notify and how?

Our Monitor Alerts are available in a range of formats, and can be sent to any number of different individuals within your company.

• We can provide E-mail Alerts of the changes to your team; multiple employees can be notified.
• E-mail Alerts can contain either a summary or the details of the changes based upon your preferences.
• We can provide detailed reports listing all transaction changes in a report form of your choosing.
• Our reports can be designed to easily integrate within your existing LOS system.

Why use Ernst’s Monitoring Service?

• Our clients stay RESPA compliant from GFE to closing and save money in the process!
• Our service is fully automated and requires no extra input from you once you enroll and use our calculators for GFE preparation!
• We monitor your transactions for Recording Fee and Transfer Tax updates daily, and you are notified of changes within 24 hours of posting to our databases!
• We speed up closings by enabling you to communicate accurate calculations throughout the lending process!
• Our monitor results are easy to use and integrate into your existing programs!
• Ernst fee calculations are Guaranteed!*

If you are a current Ernst subscriber, call us to receive a free Monitor Alert and see the savings our service would have generated based upon your transaction activity over the last 60 days. Find out how easy it can be to be RESPA Compliant. We can help.