February 9th, 2010 19:26
Posted by: Rick Kabra
Now that over a month has passed, since the new RESPA Rule has gone into full effect and we have seen hundreds of closings processed with new GFE/HUD forms, it’s clear that the sky is not falling. Like any change, there’s always resistance in the beginning, but eventually all smart people figure out a way to cope with change.
Based on direct discussion with the countless settlement agents I have assisted in completing their HUD closing docs, here are the top challenges I see that settlement agents are facing: ... More »
Tags: HUD closing statement, hud settlement, Hud Software, respa 2009, respa changes, respa reform, respa rules
Posted in 2010 RESPA Rules Implementation | No Comments »
January 22nd, 2010 17:41
Posted by: Rick Kabra
The new RESPA Rules are underway and real estate professionals are discovering that many questions they have fall into a gray area. Because real estate closings are done differently from region to region in order to comply with individual state laws, there isn’t always one hard and fast rule that works for all while preparing HUD settlement statements.
You’ll find presentation material everywhere, providing advice on settlement statement preparation. Since the announcement of RESPA reform, Easy Soft has been at the forefront of training for real estate professionals. ... More »
Posted in 2010 RESPA Rules Implementation | No Comments »
January 20th, 2010 20:00
Posted by: Rick Kabra
HUD’s stated objective (well, at least one of the most important ones) with the new RESPA Rule is to bring about much needed transparency in the real estate closing process. While the GFE-HUD comparison sheet requirement certainly has pressed lenders and settlement services providers to quote their fee much more accurately, there is still an element of opacity.
As part of the new rules, lenders and settlement service providers are no longer allowed to itemize “administrative fees.” The rule applies to all settlement service providers, whether they are on the lender provided list or not. Now, in the normal course of business, consumers would want to see an itemized list of charges, especially because the HUD Settlement Statement does not allow for itemization. If the goal is transparency, then breakdown of lender’s origination cost, title fee, closing fee, etc. must be visible. ... More »
Posted in 2010 RESPA Rules Implementation | No Comments »
November 18th, 2009 10:43
Posted by: Rick Kabra
On Nov 11, 2009, I attended the Real Property Section of the Essex County Bar Association (ECBA) New Jersey meeting on “2009 RESPA Changes.” Darcie Gore of Bank of America (BoA) was one of the guest speakers and John R. Dusinberre, Esq of ECBA was the moderator.
After giving 50 or so presentations myself about RESPA Rule implementation for settlement agents, it was nice to sit back and listen. It was also interesting to see a leading lender’s perspective, plans and guidance. Here’s my take from the meeting:
... More »
Tags: HUD settlements, respa, respa 2009, respa changes, respa reform, respa rules
Posted in 2010 RESPA Rules Implementation | No Comments »
November 6th, 2009 11:01
Posted by: Rick Kabra
Reaching a mutually acceptable divorce settlement between two parties is never easy. Add a third party, the IRS, and the process is further complicated.
How is the IRS a Third Party in Divorce Settlements?
In the event of a divorce, applicable IRS and state tax code along with tax-related case rulings must be carefully weighed. The IRS becomes a third party in divorce financial settlements to the extent that property division, alimony, and child support affect taxes and disposable income. ... More »
Tags: alimony and child support, divorce planning software, divorce rules, divorce settlements, new jersey divorce software, new jersey family law
Posted in Divorce settlement and planning | No Comments »
November 6th, 2009 10:50
Posted by: Rick Kabra
Trust account rules vary from state to state, but one constant for attorneys or anyone working in a fiduciary capacity is the over-riding fear of running afoul of strict requirements. Take the following steps and you won’t lose sleep worrying about your responsibility to comply with complicated trust account regulations.
1. Migrate from Manual to Automated Record Keeping ... More »
Tags: trust account bookkeeping, trust account management, Trust Accounting, trust accounting software
Posted in Trust Accounting | No Comments »
November 5th, 2009 18:02
Posted by: Rick Kabra
A large percentage of disbarments and disciplinary actions arise out of client trust fund mismanagement. With the key concepts of trust accounting in mind and a few practical tips that you can put into practice immediately, you’ll be in compliance and be prepared even for a random audit.
Which Funds Belong in Client Trust Accounts? ... More »
Tags: Trust Accounting, trust accounting software, trust fund accounting, trust fund management
Posted in Trust Accounting | No Comments »
November 2nd, 2009 15:10
Posted by: Rick Kabra
Find out how HUD templates boost profitability
HUD Settlement Statement Required ... More »
Tags: HUD closing statement, HUD settlement statements, Hud Software
Posted in Hud Software | No Comments »
