Real estate professionals generally understand, they will have new forms to deal with, but many don't realize they will also have to make significant changes in their closing practices
North Brunswick, N.J. (PRWEB) October 21, 2009
Easy Soft, a leading legal software company, offers HUD software and training webinars to help law firms, real estate and title companies prepare residential real estate closings that comply with HUD's new RESPA Rule, which becomes mandatory January 1, 2010.
U.S. Department of Housing and Urban Development's new RESPA Rule ushers in the first major change in the home buying process since 1974. While 2009 has been a transitional year, legal and real estate professionals who handle residential closings will have new RESPA rules to follow starting January 1, 2010.
"Real estate professionals generally understand, they will have new forms to deal with, but many don't realize they will also have to make significant changes in their closing practices," explained Rick Kabra, Executive Vice President at Easy Soft, a leading legal software company.
To comply with the new Rule, lenders must now provide borrowers with an accurate and easy-to-read Good Faith Estimate (GFE) early in the loan process to help them compare loan terms from multiple lenders. Other Rule changes involve HUD-1 and HUD-1A statement modification. Settlement costs on the HUD-1 must reference the relevant line on the GFE, thus consumers can easily compare estimated costs on the GFE with actual costs on the HUD-1, and lenders will be responsible for deviations.
Dr. Kabra added, "RESPA ready software with advanced technological tools simplifies the entire closing process and makes it easy for real estate professionals to meet the new standards. Easy HUD 3.0, our company's latest version of HUD software, not only automates HUD settlement statements, disbursement check preparation/printing and 1099-S electronic filing, but also fully complies with the Real Estate Settlement Procedures Act (RESPA). To help our customers and their staff prepare for the January 1, 2010 requirements, Easy Soft is also offering twice-weekly special webinars."
Law firms, real estate and title companies interested in learning more about Easy HUD 3.0 and Easy Soft's special RESPA Reform webinars can call 800-905-7638 or visit: http://www.easysoft-usa.com/hud-software.html