MDIA Compliance Good News Can Hurt Too

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NexGen Compliance Solutions, LLC announces a new revolutionary MDIA compliance solution through the web based software product TitleHound. TitleHound is a web based title insurance rate engine that searches the major underwriters and finds the lowest rates available which saves consumers significant money at closing. This software ensures that consumers receive the best product and price while protecting lenders and title agents from claims of overcharging. This new software also provides lenders and title agents with a tool to manage their title insurance orders efficiently.

With TitleHound, we are excited to offer a new product that benefits the consumer while also providing the industry with a tool that provides accurate information on a web based platform that is easy to use

NexGen Compliance Solutions, LLC announces a new revolutionary MDIA compliance solution through the web based software product TitleHound. TitleHound is a web based title insurance rate engine that searches the major underwriters and finds the lowest rates available which saves consumers significant money at closing. This software ensures that consumers receive the best product and price while protecting lenders and title agents from claims of overcharging. This new software also provides lenders and title agents with a tool to manage their title insurance orders efficiently.

As lenders and title agents struggle with MDIA compliance and the delays due to re-disclosure waiting periods, TitleHound offers the ideal solution. With accurate upfront title and settlement cost disclosures including title premiums, available discounts, recording fees, mortgage taxes, stamps and more, TitleHound allows MDIA compliance without disclosure delays.

MDIA compliance presents both lenders and title agents with new challenges. While the change is good for the consumer, it has the potential for a not so good result due to delays caused by inaccurate disclosure or circumstantial changes that require new disclosures and the accompanying waiting periods. In an industry where speed to funding has been paramount to consumer satisfaction, upfront accuracy is more critical then ever before. Now in addition to speed, the industry is rebuilding consumer trust and brand confidence. Small errors or hidden costs can add up to lost days for the consumer and lost profits for both lenders and agents if those errors are simply written off.

In trying to ensure disclosure compliance, many lenders are facing the overwhelming task of trying to manage their disclosures with data from hundreds or even thousands of title and settlement agents where the costs may vary agent to agent. While averaging is an option, it comes with its own set of management complexities. As consumers and regulators examine the costs associated with obtaining financing, lenders and agents scramble for better ways manage the complex world of title and settlement services and costs, especially as lenders shoulder the full responsibility of MDIA compliance including all third party fees as well as their own lender fees.

TitleHound is the first software program to provide compliance confidence for both lenders and agents by returning a comprehensive list of available title insurance products that match the consumer's specific situation with the premium costs accurately displayed for each product. Often overlooked discounts are displayed giving the loan officer an opportunity to save the consumer hundreds of dollars on title insurance. Additionally, recording fees and other settlement costs provide for a more complete comparison of costs. Selection of product and provider can be made based on best cost to the consumer as well as best of class service providers. Disclosing accurate information upfront in seconds rather than days takes the guess work out of MDIA compliance reducing the delays associated with having to re-disclose.

In addition to accurate product and premium costs, TitleHound provides lenders and agents a tool to manage the flow of business to their providers. Lenders and agents use TitleHound to control the distribution of orders to those providers that meet their service, product, and price requirements. The mystery is removed from the selection process even when the consumer is engaged in that process by providing choices. TitleHound is the perfect tool for ensuring the consumer gets the best product and price available while lenders and agents get protection against claims of overcharging.    

"With TitleHound, we are excited to offer a new product that benefits the consumer while also providing the industry with a tool that provides accurate information on a web based platform that is easy to use," said NexGen President, Jeffrey Adam.

NexGen Compliance Solutions, LLC an innovative technology driven company providing title solutions for lenders, brokers, and agents. The Company is in the process of changing the face of the title and settlement industry with its ground-breaking web based software product TitleHound and be assembling the best national service providers in the industry into the NexGen Network which enables efficient and cost effective service. For more information,call or e-mail Cheri Shine.

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