Need A Real Estate Closing System To Help With TRID? Easy Soft Has The Answer

There’s no more time to lose. The 2015 TILA-RESPA Integrated Disclosures (TRID) implementation date is here. On October 3, 2015, real estate closing agents must comply with the new requirements or face severe fines and penalties for compliance violation. Real estate closing software can help, but you must act quickly if you want to be ready on October 3rd.

The TRID implementation date is upon us. There will be no more delays and the likelihood of a last minute reprieve or even a grace period for inaccuracies is unlikely. The time to prepare for the changes is now. There is still time to act and be ready for a seamless transition on October 3rd.

Easy Soft has several real estate closing programs that make it possible for attorneys to manage the real estate closing process themselves, saving money, and reducing the risks that are inherent with outsourcing the process to title agencies. The EasyRealEstate Suite is a four-program suite that includes everything a legal professional needs to handle real estate closings, including the new TRID-compliant Closing Disclosure Form.

The Suite includes Easy HUD, EasyCDF, Real Estate Documents, and Easy Amortization. It is intuitive and easy-to-use, requires no special installation or technical know-how, and is available for immediate download at

That means there’s still time to get the software you need to meet TRID regulations.

Easy Soft For TRID Compliance

Easy Soft programs assure TRID compliance across a number of categories:

  •  Closing Forms. Four of the primary forms used in a real estate closing are going away under TRID. Instead of the Early Truth In Lending (TIL) and Good Faith Estimate Forms, lenders will use a new Loan Estimate (LE) form. The Final TIL Statement and HUD-1 Settlement Statement are now consolidated into the Closing Disclosure Form (CDF). EasyCDF provides these new CDF documents, while Easy HUD provides the current HUD-1 and HUD-1A Settlement Statements – which will still be used in some transactions.
  •    Data Security. Easy HUD and EasyCDF are fully compliant with the Mortgage Industry Standards Maintenance Organization (MISMO) e-commerce procedures and standards. This increases data security and consistency by applying standards that are used in the real estate industry for secure transactions.
  •    Timing Requirements. A built-in task list in EasyCDF ensures you’ll never miss one of the new delivery deadlines.

How Easy Soft Programs Streamline The Closing Process

TRID has created a new level of precision that leaves no room for error in estimating fees, in collecting and providing information to consumers, or in submitting data to lenders. For many closing agents, this has instilled a fear of the process, but with Easy Soft here to help, those fears can be erased. As the industry adapts to the changes, there has actually never been a better time to keep closings in-house or start handling them in-house for the first time.

Easy Soft’s Easy HUD and EasyCDF are designed specifically for legal professionals so they can keep working with their clients and keep closings in-house. The programs streamline the new closing process with:

  •    A step-by-step closing process. Follow the steps and fill in the blanks. It really is that easy!
  •    A central database from which all data is pulled. Forms auto-fill for each transaction based on data you’ve already entered. There is no need for repeated manual entry, which is tedious and error-prone. Built-in safeguards ensure data accuracy throughout the transaction.
  •   All the forms you need. No scrambling to find the new Closing Disclosure Form. EasyCDF has it included! Real Estate Documents goes even further, providing over 200 of the most commonly used closing forms.
  •    Automatic ledger and computer checks. Balance closings and print checks from your desktop. No need for separate accounting software.
  •    File 1099-S forms electronically. Immediate, electronic filing of 1099-S forms is possible with EasyCDF. One-click takes care of all of your IRS and seller reporting requirements.

Be Prepared For October 3. Download The EasyRealEstate Suite Today!

Don’t delay a minute longer! Download Easy Soft’s EasyRealEstate Suite today and be ready to handle closings on October 3. For only $49 per user per month your TRID and MISMO compliance is assured.

Contact Easy Soft at 1-800-905-7638 to order EasyCDF and the EasyRealEstate Suite.

Posted by Amy Prokop on in HUD Software | Comments Off

No Delayed Enforcement Period Planned For TRID Implementation

Despite hopes to the contrary, the CFPB is unlikely to grant a delayed enforcement period when it comes to TRID implementation and compliance. That means there will not be a grace period for lenders and settlement agents to ease into the new regulations and become familiar with the changes incrementally. All lenders and settlement agents must be ready to fully comply with TRID on October 3, 2015. Anyone not following the guidelines and using the new forms faces fines and penalties immediately.

Since TRID has zero margin for error and the requirements are so stringent, this lack of grace period has many agents worried.

Don’t Count On A Legislative Reprieve

Since TRID was announced, Congress has been carefully watching the implementation prep work and acting as an advocate for lenders and agents. Currently, there are two bills in Congress that would protect settlement agents and lenders from mistakes made under TRID. Under these bills, regulations would not be enforced until January 1, 2016 as long as the preparers made a good faith attempt to comply with the requirements.

Both bills are currently in committee and could find new life at any time, but don’t get your hopes up for a legislative reprieve. The bills would have to make it through both houses of Congress and be signed into law by the President, which is unlikely to happen.

Easy Soft Is Here To Help

The CFPB has stated that they will be sensitive to good faith efforts to comply with the new requirements, but that does not provide a 100% guarantee that mistakes will be tolerated. With so much on the line, settlement attorneys cannot afford to risk these transactions and hope for the best if they make a mistake.

Settlement agents are responsible for preparing the Closing Disclosure to the Buyer and the Closing Disclosure to the Seller. Even though lenders are responsible for ensuring the accuracy of these forms, settlement attorneys and closing agents can’t risk submitting incomplete or incorrect forms and still hope to do business with these same lenders.

Rest easy. Easy Soft can help. Our EasyRealEstate Suite of real estate closing software has everything you need to manage a closing from start to finish. Of particular assistance on October 3rd will be EasyCDF, our newest addition to the Suite that provides you with the new Closing Disclosure Forms. Also with the Suite, you’ll receive Easy HUD, which has all of the HUD forms you’ll need to continue to use for certain types of transactions.

The entire Suite has been designed to be practically error-proof and in full compliance with the new TRID requirements. Even if you have never managed a real estate closing before, you will be able to with the Suite. Forms auto-populate and draw data from a central database, which drastically cuts down on both the amount of time spent filling in the forms and the chance of errors that come with manual data entry. You will be walked through all of the forms and documentation requirements necessary for a closing so you’ll never miss a step, and a built-in task list feature ensures you meet all timing requirements and deadlines. You can even file 1099-S forms electronically on the day of the closing.

There has never been an easier way to manage a real estate closing in-house!

To learn more about EasyCDF, Easy HUD and the EasyRealEstate Suite, contact Easy Soft today at 1-800-905-7638. October 3rd is almost here; download the software today!

Posted by Amy Prokop on in HUD Software | Comments Off

Avoid The Year-End Rush. File 1099-S Forms As You Close.

As a real estate closing agent, you have many responsibilities, but those responsibilities don’t end with the exchange of keys. Closing agents are required by the IRS to submit Form 1099-S to report the sale or exchange of real estate. The IRS will examine this document to determine if the seller owes real estate taxes on any gains from the sale. Since the forms aren’t due until the following year, many closing agents will hold on to them and file all of the 1099-S forms at one time. Although it may sound like a good idea, in reality this practice is confusing and stressful.

To ensure all forms are filed on time and correctly, closing agents must have an outstanding records system. In some cases you may be filing forms for a closing that happened over 12 months prior. You can’t rely on memory to make sure the forms get filed on time.

To make matters even more complicated, 1099-S forms aren’t due on April 15. They are due in February or March of the year of filing. For a closing that happened in 2015, the form would be due to the IRS by February 29, 2016, if filed manually, or by March 31, 2016, if filed electronically.

As the closing agent, you face fines and penalties for not filing the 1099-S form on time. But with Easy Soft’s EasyRealEstate Suite you can file 1099-S forms electronically on the day of the closing as one of your final checklist items.

Prepare And File 1099-S Forms With Easy Soft

The Easy Soft EasyRealEstate Suite includes our signature real estate software, Easy HUD. EasyHUD streamlines the entire real estate closing process from start to finish. Using Easy HUD, real estate attorneys and agents can prepare 1099-S substitute or exemption forms with the 1099-S Module. Then use our electronic filing service to file 1099-S forms at the time of closing. It costs just $10 per filing to use this service.

Reporting 1099-S Forms Just Got Easier

All you need to do to start submitting 1099-S forms is enroll in the service. Submit a 1099-S Filing Service Enrollment Form to us once. After that, you are able to submit as many forms as you need to with just one click from the Easy HUD real estate closing software. You’ll instantly receive a confirmation number and can rest easy knowing your forms have been electronically submitted, safely and securely.

Easy HUD is designed to eliminate the chance of errors and incomplete forms. The program automatically populates the form based on HUD form data and validates that data prior to submission. You will never have to worry about locating missing information months after the closing when you use Easy HUD.

Electronic filing means you can complete all of your responsibilities for the closing right away. There is no reason to risk missing a deadline or risk having a transaction slip through the cracks because you waited and mailed all of your forms at once. You will also save significant staff time by not having to fill out, double-check, stamp, and mail all of your forms at one time.

If you are tired of the last-minute scramble to submit 1099-S forms before the deadline, contact Easy Soft today at 1-800-905-7638 to order Easy HUD and the EasyRealEstate Suite.

Posted by Amy Prokop on in HUD Software | Comments Off

Prepare Now For the CFPB 2015 Real Estate Law Changes

It’s time. The final implementation date for TILA-RESPA Integrated Disclosure (TRID) is almost here. On October 3, 2015 current real estate closing procedures will change. After years of preparing for this change, the industry now has to implement the changes. The time to become compliant with those changes is now.

Easy Soft can help you gain compliance and be ready to go on October 3, 2015. Our real estate closing software, EasyCDF, has been developed specifically to comply with the TRID requirements. All you have to do is fill in the blanks.

The EasyRealEstate Suite is All You Need to Meet TRID Requirements

The new TRID regulations bring a lot of changes. There are changes in forms, terminology, timing, and how data is shared and submitted, to name just a few. Each one of these changes requires a new way of doing business. Failure to comply with the changes, even if it is an innocent mistake, comes with heavy fines and penalties and can derail the entire transaction. The risks are far too great for real estate closing agents to leave any portion of the process to chance.

Fortunately, with Easy Soft’s EasyRealEstate Suite, nothing is left to chance. We have updated our popular Easy HUD software and added EasyCDF to the Suite to achieve total TRID compliance. Not only will the new disclosure forms be filled in properly, the data will be submitted securely and within the required timeframes thanks to built-in safeguards.

One such safeguard is MISMO-compliance. EasyCDF has been certified by MISMO, which means it is capable of producing and accepting MISMO-based files and transmitting them securely. The software will “talk” to other MISMO-compliant systems while providing strong data security measures.

The EasyRealEstate Suite also comes with Easy Amortization and Real Estate Documents which provides you with over 200 of the most commonly used real estate forms, including state-specific forms. A built-in amortization calculator makes it easy for settlement agents to generate and edit custom amortization schedules with a few simple keystrokes.

Depending on the type of closing, you’ll need to use both Easy HUD and EasyCDF, which is why both are included in the Suite. Between the two, you’ll have all the forms you need and the ability to submit them in total compliance with TRID.

All Four Programs Are Available For One Affordable Price

As with everything we do here at Easy Soft, we’ve made it easy for real estate settlement agents and attorneys to service their clients. The entire EasyRealEstate Suite is available for immediate download starting at just $49 per user per month. The Suite is available in Cloud and Desktop versions, comes with a 30-day money-back guarantee, and unlimited live-by-phone technical support for the entirety of your subscription. Subscriptions include all four products, and subscribers can download only the products they need, but maintain access to the entire Suite with their subscription.

Easy Soft is ready for TRID; now we want to make sure you are, too.

Contact Easy Soft today at 1-800-905-7638 to order EasyRealEstate Suite or to learn more about our software and how it can help your business.

Posted by Amy Prokop on in HUD Software | Comments Off

How Regulations X and Z Impact Real Estate Attorneys

Regulations X and Z have been used to implement the Real Estate Settlement Procedures Act and the Truth in Lending Act for decades. In 2010, the Dodd-Frank Act amended those rules, specifically the rules on the servicers’ obligations. In this post, we’ll take a look at Regulations X and Z separately to highlight these changes.

Regulation X

Regulation X implements the Real Estate Settlement Procedures Act of 1974 (RESPA). The Dodd-Frank changes specifically:

  1. Addresses the servicer’s obligations to correct errors asserted by borrowers.
  2. Provide certain information requested by borrowers, and provide protections to such borrowers in connection with force-placed insurance.
  3.  Loan providers are obligated to establish reasonable policies and procedures to achieve delineated objectives, and provide information about loss mitigation options to delinquent borrowers.
  4. Establish policies and procedures for providing delinquent borrowers with continuity of contact with servicer personnel.
  5.  Requires servicers to evaluate borrowers’ applications for available loss mitigation options.

Regulation Z

Regulation Z implements the Truth in Lending Act (TILA) and the official interpretation to the regulation. The Dodd-Frank Act impacts are as follows:

  1. Requires lenders to disclose all terms of a loan to potential borrowers, including interest rates, fees and length of loans.
  2. Allows consumers to cancel credit transactions requiring a lien to be placed on the borrower’s primary residence.
  3. Requires servicer to provide periodic statements for residential mortgage loans.
  4. Requires servicers to promptly credit mortgage payments.
  5. Requires servicers to respond to requests for payoff amounts.

Regulation Z is sometimes construed as the implementation of TILA because it amended the rules governing the scope, timing, content, and format of disclosures to consumers regarding interest rate adjustments to variable-rate transactions.

How The Regulations Affect Real Estate Attorneys

Regulations X and Z impact the servicers of mortgages and home loans – banks and lenders. Real estate attorneys are affected in two ways:

  1. Initial Closing Disclosures and Loan Estimates. If you are facilitating the closing or reviewing the documents for your client before the closing, pay special attention to the Closing Disclosure Forms and Loan Estimates. TRID is supposed to make the loan terms and related costs more transparent for consumers. Make sure the documents are in order and that your client understands their obligations under the loan terms. Attorneys can also ensure compliance with the new timing requirements, particularly if they are managing the closing themselves instead of outsourcing it to a title agency.
  2. Servicing Clients. Attorneys can help ensure compliance with these rules on behalf of their clients. If clients come to you complaining of the service they have received on their mortgage or with an inability to pay their mortgage, refer to the initial loan documentation and make sure all of the regulations were followed.

Creditors must take into account a borrower’s ability to repay the loan and must be upfront about rate changes, particularly where ARMs are concerned. They must also provide opportunities for pre-payment without assessing penalties.

The final rule requires creditors to retain evidence of compliance with the rule for three years after a loan is consummated. If your client approaches you with concerns after this time period, you may want to take a close look at how the mortgage has been handled recently.

To learn more about TRID and staying in compliance with the new rules, contact Easy Soft and find out about how our real estate closing software for attorneys can help you through the new law changes.

Posted by Amy Prokop on in HUD Software | Comments Off

Use Easy HUD and EasyCDF Simultaneously to Stay Compliant

The Consumer Finance Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) regulations caused many changes in the real estate industry. The changes are intended to make the real estate purchase process more transparent for borrowers and to streamline the process, eliminating duplicate forms and data requirements.

One of the biggest and most confusing changes under TRID is the use of two new forms: the Loan Estimate (LE) and the Closing Disclosure Form (CDF). These forms replace old forms and combine the overlapping data requirements of four of the current Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) forms.

By reducing the data requirements down into two forms, lenders can eliminate duplicate data entry, make it easier for borrowers to locate key information, and will save time during the real estate closing process.

The New Forms: The Loan Estimate and the Closing Disclosure Form

The two new forms don’t require any new information; they simply consolidate information that was already being collected from four forms down to two.

The Loan Estimate provides borrowers with disclosures and information regarding their mortgage. The data covers loan costs and transaction terms that should help borrowers better understand the key components, costs, and risks of the loan. This form replaces the existing RESPA GFE and the initial TILA disclosure for most residential real estate transactions.

The Closing Disclosure Form is used in transactions that require use of the new Loan Estimate form. The CDF is the final disclosure provided to borrowers. It reflects the true costs of the closing, rather than just the estimated costs, as were provided by the Loan Estimate. The CDF replaces the existing HUD-1 and the final TILA disclosure forms.

The new Loan Estimate and Closing Disclosure Form will be used for most consumer mortgages, but not all. In most cases, lenders and real estate settlement agents will be using the old HUD form and the new LE and CDF documents, depending on the type of real estate transaction being processed.

When to Use the Old HUD Forms

Use the current HUD forms required by TILA and RESPA in the following situations:

  • Home equity revolving lines of credit
  • Reverse mortgages
  • Mortgages secured by a mobile home
  • No-interest second mortgages

When to Use the New Loan Estimate and CDF

Lenders and real estate settlement agents will use the new LE and CDF documents for:

  • Most closed-end consumer mortgages
  • Construction-only loans
  • Loans secured by vacant land or by 25 or more acres

Timing Requirements

Using the correct forms isn’t the only change settlement agents have to worry about. There are also strict new timing requirements to follow.

The LE must be provided to borrowers or placed in the mail no later than the third business day after the loan application has been received.

The CDF must be provided to borrowers no later than three days before the closing.

Software Can Help You Meet Form and Timing Requirements

Although the new process and timing requirements sound intimidating, they don’t have to be. Easy Soft’s EasyRealEstate Suite is the all-in-one software solution that real estate settlement attorneys need to ensure compliance with TRID. Easy Soft has designed the suite to walk real estate settlement attorneys through the closing process, saving time, avoiding errors, and streamlining the process with automatic data population of the correct forms.

The EasyRealEstate Suite includes:

  •  EasyCDF (MISMO and TRID Compliant)
  • Easy HUD
  • Real Estate Documents
  • Easy Amortization

EasyRealEstate is available in desktop and cloud versions and comes with an unconditional, 30-day money-back guarantee and unlimited, live-by-phone technical support valid as long as the subscription is active.

Contact Easy Soft today at 1-800-905-7638 to learn more about our EasyRealEstate Suite and how it can help your firm manage real estate closings in-house.

Posted by Amy Prokop on in HUD Software | Comments Off