Uniform Closing Instructions and Pre-Good Faith Estimate Can Transform Real Estate...

Uniform Closing Instructions and Pre-Good Faith Estimate Can Transform Real
Estate Closings Says ClosingCorp CEO Tony Farwell

LAS VEGAS, March 24 /PRNewswire/ -- "Uniform instructions for real estate
closing services that mandate standardized procedures among service providers
and create the potential for a pre-Good Faith Estimate will lay the foundation
for a consumer-friendly e-marketplace that will transform real estate
closings," said Tony Farwell, CEO of ClosingCorp, at the Tech 09 conference
sponsored by the Mortgage Bankers Association of America.

Farwell said most lenders, settlement services and other closing providers are
not yet ready to leverage the Internet. Their business processes, the number
of people involved in the process... all that is wrong for running an
e-business. "The eClosing is about rebuilding the closing process...and the
organization from the ground up," he said.

"A number of factors are hastening the standardization of real estate closing
instructions and the adoption of electronic closing services," he said. These
include the widespread use of the Internet, more Internet-savvy young home
buyers, the adoption of Internet technology by real estate agents, and changes
in Federal regulations that mandate more accurate "good faith estimates" while
encouraging consumers to shop for closing services.

"With the exception of selection and qualification for a mortgage, consumers
currently tend to be removed from choosing their closing service providers.
But a new paradigm is emerging with electronic access to information from
closing providers, which will facilitate consumer involvement and introduce a
new degree of transparency to the entire process. Real estate professionals
also will make extensive use of information in the eClosing environment to
better serve their clients," Farwell said.

The Mortgage Bankers Association (MBA), American Land Title Association (ALTA)
and The American Escrow Association (AEA) are finalizing standards for Uniform
Closing Instructions that are critical for eMortgages and eClosings. This will
further empower consumers to select their closing services while helping drive
down mortgage and settlement processing costs.

ClosingCorp is the parent of Closing.com, the most comprehensive source for
real estate closing services on the Web. The Company also provides lenders,
mortgage brokers, and other professionals with its SmartGFE services that
allow them to create preliminary closing cost estimates as well as Good Faith
Estimates.

SOURCE ClosingCorp

Kristin Ewald, +1-858-551-1500, kewald@closing.com, or Steve Cook,
+1-202-257-3652, scook@closing.com, both of ClosingCorp