PRESIDENT AND CHIEF EXECUTIVE OFFICER, ERNST PUBLISHING CO. LLC
Ernst Publishing Co. provides closing cost information to the mortgage lending industry. This might not sound exciting, but it got a lot more exciting when the government required lenders to make their initial closing cost quotes to consumers accurate within certain tolerances or face penalties.
These upfront closing cost disclosures are governed by the Real Estate Settlement Procedures Act (RESPA). and in recent years the rules on disclosing closing costs have been tightened up considerably. That's why Ernst solutions (and others in this space) are so much in demand--and why it's crucial that they be accurate for each lending jurisdiction in which the lender does business.
Gregory Teal joined Ernst in 2001 as chief technology officer, and became president and chief executive officer in 2009. He headed product development and technology at the company, and has a record of technical innovation that is noteworthy. He was the first to provide multiple recording fee and tax calculators on the Web in 2001. In 2004, he was the first to provide an audit and warranty program for recording fees and taxes. In 2008, he was the first to provide guaranteed recording fees and transfer taxes and, by 2009. Ernst was the first to provide a full RESPA Compliance Product suite.
In 2012, Teal earned the first patent for innovative recording fee and tax calculators and monitoring programs.
So what did this innovator think of mortgage industry technology when he first encountered it? "I was amazed at how many manual processes were involved. When I came into the company, we still had clients who were using a pencil and a desktop calculator to produce...