Closing.com gets ready for RESPA reform

Site adopting new Good Faith Estimate format

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Closing.com, a Web site that allows consumers and real estate professionals to comparison-shop for settlement services online, says it will display cost estimates in the format required on the standardized Good Faith Estimate before lenders are required to use that form beginning Jan. 1.

By the fourth quarter of this year, borrowers using Closing.com will be able to submit a "pre-GFE" to loan originators, allowing for more reliable estimates of closing costs, the company said in announcing the launch of a 2.0 version of its Web site in beta testing.