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APPLETON, WI-Here are a couple things to consider given that the good-faith estimate and HUD-1 forms will be under particular scrutiny this year due to regulatory changes and the heightened compliance sensitivity in the industry, according to the head of LoanSifter, a loan pricing technology provider here
First, collecting and tracking documents can help mitigate compliance risk if there are queries or audits down the road, said Bruce Backer, the company's president.
Secondly, interest in using the Internet to obtain loan information at some point in the process appears to be growing and some studies suggest it has become widespread. Since clear communication with consumers is a goal of recent regulatory reform, the ability to reach the growing number that appear to be interested in learning about loans this way also may be helpful.
Mr. Backer said his company...