Tag Archives: HUD 1 forms
Real estate can be a lucrative career. It is a particularly attractive pursuit for people trying to balance career and family since the job typically allows more flexibility than a traditional job. However as new agents quickly discover, real estate transactions are a bit more complicated than buying a cup of coffee. Many new professionals quiver in fear at the thought of the dreaded HUD 1.
This form needs to be filled out for every real estate sale. The agent needs to complete dozens of fields to document every aspect of the transaction including title fees, mortgage insurance and taxes. The taxes are calculated from multi tiered tax tables that can vary based on type of transaction, length of mortgage or location within a state. Agents find themselves pining for the simplicity of their yearly income tax returns when they are faced with a HUD settlement statement form.
But all is not lost. This is not your parents’ real estate market. Today’s real estate professionals have access to HUD settlement statement software such as our product, EasyHUD. Using a real estate application allows even inexperienced agents to complete the forms with confidence. Our software is easy to use with an intuitive interface, lots of online help, and Easy Soft’s library of training videos.
The software offers more than help with the closing statement. Agents also have access to a library of professional-looking real estate forms that can be customized to each business’s unique needs. If you don’t see a form you need, you can add your own. All documentation needed for a real estate transaction is right at your fingertips.
The software is a great way to ease new agents into the business, but it is also a valuable tool for professionals with hundreds of transactions on record. The software automatically copies information from the case file to the HUD 1 forms or other documents. It takes care of the math. It even includes a spell checker to protect you from embarrassing typos.
Over 15,000 clients enjoy using Easy Soft’s line of real estate products and legal practice management software. Try Easy HUD risk-free for 30 days and if you don’t agree it’s the most important tool for both new and veteran real estate professionals, then you can return it for a full refund.
Real estate transactions are not simply money going from the buyer to the seller. A host of payments must be made to other parties including government agencies, insurance companies, home inspectors…oh and you too. You need to not only keep track of all these charges that come off the HUD 1 but must also determine if the fees have already been paid as part of the mortgage, or will be paid separately by checks you need to mail out. Our HUD settlement statement software takes the tedium and guesswork out of this disbursement process so you stop worrying about making sure everyone gets paid.
When you fill out the HUD 1 forms with our software, you’ll notice that a number of the lines include a check box labeled Net. As you enter numbers into the form, you can mark any of these boxes to indicate the fee has been netted. That means the fee is rolled up into the gross mortgage and has already been disbursed.
Several of the boxes are automatically checked on the HUD-1 form to reflect fees that are commonly included in mortgages. These include origination charges, items required to be paid in advance by the lender, and initial escrow deposits made with the lender. Any of these can be unchecked if for some reason they were not included in the mortgage. Any prepaid fee marked with a Net box on the HUD forms can be checked and the software will adjust the net mortgage accordingly.
To see the result of the net fees, either press Ctrl-L or click “Tools > Lender Worksheet” in the menu at the top of the screen. Either of these commands brings up the Lender Worksheet. This lists the gross mortgage amount, all items added or deducted by the lender as indicated by the checked Net boxes, and the net mortgage amount. All values are taken from the HUD 1 and the calculations are performed by the software so you now the final net mortgage value is accurate.
What about items not netted? Those are handled by the ledger module, which we’ll explore in another entry.
The advantage of using HUD software like Easy HUD is that you have to enter the information only one time. Values are automatically copied to other locations such as the Lender Worksheet and the software takes care of the calculations more quickly and accurately than would be possible with manual calculation.
Accuracy is critical in real estate closing process and you can’t afford to make even innocent mistakes. Don’t trust your HUD-1 form to error-prone manual completion or to software not dedicated to the real estate market. Trust Easy Soft products to do the work quickly, efficiently and accurately.
Designing law office management software is a tricky process. We want to offer every legal and real estate tool under the sun to our clients, but we also realize that not every user will want every feature. Why should you pay for something you will never use? That’s why we’ve designed Easy HUD to allow you to pick the elements that are important to you.
The core program has a range of tools to simplify the process of completing HUD-1A and HUD-1 forms. You can easily provide all the information needed and the software does the calculations so you know there will be no arithmetic errors. The built-in contact database means you don’t have to keep typing the same information on every form, and the network-ready design means everyone in the firm has access to all files. Although the core functionality may be all you need, we offer many optional modules to make your work even easier.
The Documents Module takes the information you entered for the HUD forms and uses it to generate over 200 other real-estate forms covering situations such as new construction, subleases, corporate sales and more. Each document can be customized plus you can create your own forms tailored to your business and your clients.
The Ledger Module supplements the HUD forms with full ledger capabilities. Keep track of all financial transactions involved with closing and print a comprehensive ledger report. Print checks with information extracted from the HUD forms and number the checks automatically or manually.
There is no need to extract information from the HUD forms and retype it for the IRS if you have the 1099-S Filing Module. This piece of the software automatically extracts all needed information and fills in the 1099-S so there will be no discrepancy that might trigger unwanted IRS attention. The completed forms can be printed for manual mailing or filed electronically through our filing service for a nominal fee.
The core software prints comprehensive reports but sometimes you don’t want all that information cluttering up a document. Use the Advanced Printing Module to print summaries that filter out unnecessary figures from the HUD forms and focus on subjects such as buyer’s transactions or itemizations.
Finally, Easy HUD already integrates with Easy Trust for all your trust accounting needs, but if your agency prefers to use QuickBooks then you will be interested in the QuickBooks Export Module for easy integration between the two software products.
Easy Soft is all about making your job easier. Try a demo of our software to see how quick and simple HUD forms can be.
It’s now becoming mainstream media headline news: according to CNN, short sales are expected to surge in 2012. It seems American homeowners have figured out that short sales are an alternative to foreclosure. In January alone, CNN reported that short sales rose 33% compared to the same time last year.
If you’re already a practicing real estate attorney, now is the time for you to download a free demo of our Easy HUD software to make all your HUD-1 forms as easy as automation can be. With Easy HUD, you get the power of a single data entry point that automatically fills in all the blanks on HUD documents, including the HUD Settlement Statement .
In a short sale, the lender accepts a lesser payment than what is owed in satisfaction of the loan. The lesser figure can be proffered when a ready buyer makes a written offer on a property and the seller wants to accept the offer.
What else is about to contribute to the short sale trend in 2012? New regulations from the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac that will make our HUD software more useful than ever. News is that the FHFA is going to require lenders to respond to short sale requests within 30-days. This regulation could drop the lender response time to 30-days from an average of over 300-days, further increasing the desirability of short sales over foreclosures. Are you ready to HUD 1 at Mach 1?
In response to these regulations, you’ll also be expected to act quickly on behalf of your clients. With our Easy HUD software, your automation of the HUD 1 Closing Statement will save you time and allows your client to complete the short sale as soon as the lender gives the okay. Our HUD 1 will make you Number 1 with your clients.
As a practical matter, even with the new regulation, there may continue to be other delays between approval of a short sale offer and the closing of the transfer of title. With our Easy HUD software, no matter how many times a closing is rescheduled, the calculations are easily recalculated by the software and put straight into forms like the HUD 1. You simply input the closing date, the annual taxes, the tax rates, and let Easy Soft do the rest, including the HUD Settlement Statement .
As fast as you can say “ HUD 1 ,” you can start your free download of a trial copy of the Easy Soft HUD software to help you prepare for the surge in short sales. Now that’s a wave that worth catching.
Handling real estate closings has never been easy. But these days, the number of parties, dollar amounts, regulations, and last-minute changes has increased – complicating things even more. Without a corresponding increase in your technology, keeping up is an uphill battle – and one you’re likely to lose, given the tendency of most real estate lawyers to accept flat fees for closing work.
That’s where Easy Soft comes in. The legal software specialist produces Easy HUD, HUD 1 friendly software that streamlines your closings – and then closes the file.
Let’s track how this works.
When you get a new case, you enter all of the information – from buyer and seller names to lender and title company addresses – only once, at the outset.
Then, you choose the forms you need. They’re all built within the software, including your complex RESPA-compliant HUD 1 or HUD 1 forms. They’re fully automated to draw from your case data and generate all internal calculations with the press of a button.
Finally, come closing, you use Easy HUD’s automatic ledger feature to balance your ledger and make sure you arrange the right disbursement, and neither under- or over-collect. You can even print your checks directly from this feature. (Add Easy Trust, our trust accounting software, and you keep all closing funds exactly where the state bar wants them – in a protected escrow account.) Even lender deductions have already been accounted for – using NET flags.
If the closing date changes? Press a button, and your amounts simply adjust themselves, with little effort on your part.
After closing, you’ve got the lingering issues of the 1099-S IRS filing, and tracking any remaining liens within the statutory period. Easy Soft’s got you covered on both counts. Register for our one-click electronic filing at just $10 a pop, and we meet all your reporting requirements for you. As for lien tracking, you’ll eliminate any post-closing title clearing headaches (and precious staff time) by registering for our lien tracking services at just $35 per file.
At the end of the day, you’ve got a balanced ledger, a clean transfer, and a case that’s been satisfactorily closed. Can’t beat that.
For more information about our HUD 1 closing software, call Easy Soft at 800.905.7638.