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Tag Archives: hud settlement statement software
When real estate agents receive funds to be distributed to other parties, they put these funds into a trust account. Unfortunately what often happens is the agents don’t appreciate the difficulty of managing funds from multiple clients comingled in the same account and get themselves into trouble. Without a good trust accounting system they can end up in serious trouble.
This isn’t to say agents are careless or unethical. However even highly qualified professionals can get so focused on the complexities of completing the HUD 1 settlement statement correctly that fund management is more of an afterthought. They know the numbers balance in the HUD form so they tend to assume it will work out when monies are received and paid out.
The biggest problem occurs when agents accidentally use one client’s funds to pay another client’s charges. While this might seem an innocent oversight as long as it all balances in the end, this is actually a serious error that could lead to loss of a real estate license and even criminal penalties. The “oops I didn’t know” defense typically doesn’t go over well.
Nowadays agents have access to simple and affordable HUD settlement statement software so it’s rare that agents fill out real estate papers by hand. However when shopping for real estate software it’s important to find a product that includes trust functions or interfaces with real estate accounting software that includes trust fund management capabilities. This is why we have made it easy to transfer closing ledgers from Easy HUD to Easy Trust so you can automate your trust handling functions.
You may ask if you really need a robust legal practice management software package rather than a commercial accounting program, and we would say that you do. Standard business accounting packages don’t include features such as the ability to easily track each client’s funds in one account, three-way reconciliation reports or built-in conflict checking.
Don’t trust the future of your real estate business to error-prone manual accounting or under-featured business accounting packages. Try Easy Trust risk-free for 30 days and see how simple we make trust accounting.
Nobody likes extra paperwork so many of us look for ways to avoid filling out documents. The HUD-1 settlement statement must be used for almost all property purchases that involve a mortgage. There are cases where you can skip the paperwork–but should you?
For example, the HUD-1A is an optional form used in refinance transactions. Agents can use the full HUD-1 form in single-party transactions, such as refinancing or equity lines of credit. HUD even recommends using the HUD 1 settlement sheet even when not required by RESPA regulations. Some agents hesitate because they are afraid that by using the forms they are opening themselves to liability or unnecessary regulation.
Actually agents are safe using the HUD form when not required. The New RESPA Rule FAQ (PDF file) available on HUD’s website says on page 44 that “using the HUD-1 form does not subject a transaction to coverage under RESPA”. So even if you use the HUD-1 on a non-RESPA transaction, you won’t suddenly be exposing yourself to RESPA rules.
The obvious next question is, “Why would I want to fill out a government form if I don’t have to?” The answer is that filling out the HUD 1 using HUD settlement statement software like Easy HUD is actually easier than figuring out a refinance, credit line or other transaction by hand. It’s quick and simple to fill out the forms when the software does the math for you. The form pulls information from the client record so you minimize the chance of data entry statements. You have a standard form where you can easily find the information you need, especially if you routinely work with HUD-1 forms.
Even if you complete the HUD-1 form purely for internal use, the features of a comprehensive legal management software package reduce the time you spend completing a transaction and getting the information you need. You can handle more clients and that has a positive effect on your firm’s bottom line.
Skeptical? Find out for yourself. Try Easy Soft’s title closing software risk-free for 30 days. You’ll see that HUD form automation improve the quality of real estate financial services you can offer your clients.
Mortgage rates are plummeting. Just this week Freddie Mac reported the 15-year fixed rate hit a record low of 2.61% and the 30-year fixed rate is at 3.4%, less than 0.1% above its record low. Homeowners are rushing to refinance to take advantage of these low rates and real estate offices not using real estate title software are at a disadvantage over those who do.
When there is a rush of customers, you can’t afford to take as much time filling out the HUD closing statement as you used to. The faster you complete the forms, the more clients you can take in a typical workday. You don’t want to have to tell a potential client–or worse, an existing client–that you are too busy to get to them right now. Nor do you want to leave customers waiting long enough for you to fill out the forms that they start shopping around for another agent.
HUD settlement statement software like Easy HUD cuts your closing time by up to 70%. You can process the paperwork in a flash and move on to the next client. If the refinance is an existing customer, then all you have to do is pull in the information from the previous sale, verify it is up to date and click to print the refinance form. New clients are nearly as fast–you just enter a little information and let the software do the hard work.
We realize that when it comes to the HUD 1 settlement statement, accuracy is more important than speed and that’s another advantage of using software rather than filling the papers out by hand. Calculations are performed instantly and are correct. You can be sure you are completing your closing in full RESPA compliance.
Electronic 1099-S filing puts the crowning touch on fast, accurate closing. File the forms as you close rather than doing a year’s worth of forms in a rush. All data is verified before being securely transmitted to the IRS and you get immediate confirmation the form was received.
Use our legal software for attorneys and real estate agents to bring your practice into a new era of speed, efficiency and customer satisfaction.
We often talk about how Easy HUD makes it easy for real estate agents to speed up closing times by up to 70%, as well as ensuring calculations are performed correctly. However Easy HUD isn’t just for agents. It’s the ideal real estate closing software for attorneys as well.
Real estate attorneys are often included in real estate transactions to generate documents such as rental agreements or purchase contracts. Agents can fill out boilerplate versions of these contracts but if the base document requires modification, then a lawyer must make the changes to ensure the new document is still legal and binding. Add the Real Estate Docs Module to our title closing software to get access to over 200 customizable real estate documents including agreements and contract clauses. Attorneys can easily add to these, creating their own contracts for easy distribution to the agents they work with.
Attorneys are often involved in the purchase negotiations. Buying property is not as simple as writing a check. A host of fees and taxes turn a simple transaction into an accounting nightmare, and yet to effectively negotiate a deal the attorney needs to be able to calculate how a given deal will affect the bottom line. With HUD settlement statement software attorneys can generate a comprehensive new offer within seconds, and if they use the cloud version they can access the software from anywhere they have an internet connection.
Attorneys provide due diligence by reviewing a final deal to be sure it is fair and legal. The HUD 1 statement is complex and even experienced real estate agents can make errors. Software simplifies the process and allows attorneys to make changes effortlessly. If the agent is also using Easy HUD then the attorney can simply load the agent’s data file for immediate review.
Easy HUD works well with our other products. For example attorneys can export the ledger from the real estate software and import it into Easy Trust to oversee all escrow account transactions. Add Easy HUD to your suite of legal practice management software to automate and simplify your real estate practice.
Spring is traditionally when home sales volumes trend upward and recent numbers indicate 2013 might be the best year in quite some time as the country slowly lumbers out of its real estate slump. If you aren’t prepared to handle more business then you are throwing money out the door with every missed sale. Now is the time to invest in HUD settlement statement software to streamline your business.
This can happen in any industry that sees a downturn. Professionals unconsciously adjust their expectations to the new normal. Agents who struggle to make a few sales can take the time to complete a HUD closing statement manually because there aren’t a lot of those forms going out each month.
The problem with this attitude is that when sales rise and more potential business walks through the door, the agency isn’t prepared. Their old system holds them back by creating choke points in the process. What’s worse is people make the mistake of assuming busy means successful, when busy often just means inefficient. Wouldn’t be great if you could fill out the HUD 1 settlement sheet faster and more accurately? You can if you use software designed specifically to facilitate real estate industry transactions.
Today there is no excuse to be completing HUD paperwork by hand. It doesn’t matter if you are a small office on a tight budget. Software is inexpensive and pays for itself in no time in increased sales. It doesn’t matter if you don’t understand computers. Real estate title software is easy to use and agents can be up and running within minutes. It doesn’t matter if you are using an older version of Windows, a Macintosh or even a tablet computer. Cloud-based software can be used on virtually any computer.
Make sure you are ready for the rise in house sales many experts see coming this summer. Automate your real estate office with legal practice management software that is flexible, straightforward and affordable. Clear the path now so you are ready to handle all the new clients that will be coming your way in the near future.
It’s no secret that real estate sales involve a lot of paperwork. After completing the HUD-1 settlement statement agents still need to file 1099-S form with the IRS. Although you can send in paper forms the IRS is encouraging filers to submit the documents electronically. There are several reasons why electronic 1099-S filling is the better choice for real estate professionals because it is:
1) Easy – Easy HUD not only helps you complete the HUD closing statement but also handles 1099-S e-filing. The software automatically takes all the information you’ve already entered and completes the form for you.
2) Fast – File your 1099-S form with the click of a button. The file is transmitted securely to the IRS and you receive an immediate confirmation number so you know the document was received.
3) Accurate – When you copy information from the HUD 1 statement to a paper 1099-S you run the risk of making errors that will cause the IRS to reject the form and force you to re-file. You have better things to do with your day than submit multiple tax forms so make sure it’s right the first time.
4) Green – Save a tree by not using paper forms. E-filing has virtually zero environmental impact.
5) Affordable – Enrollment in our 1099-S e-filing program is free. You pay only a small flat fee for each filing with no hidden costs.
6) Timely – You can file 1099-S forms as you complete transactions over the course of the year. Real estate offices that use paper forms tend to put them off, and find themselves struggling to get all the submissions in before the annual deadline.
7) Mobile – The cloud version of our legal practice software can be used anywhere you have an internet connection. You don’t have to wait to get back to the office to file. You can transmit the forms from anywhere.
8) Safe – Electronically-filed 1099-S forms are as safe as or even safer than forms sent through the mail.
Contact Easy Soft to find out more about how our HUD settlement statement software and 1099-S electronic filing service saves your office time, protects you from errors and helps you stay on top of IRS filing requirements.