Everyone in the real estate industry is talking about the new closing regulations from the Consumer Financial Protection Bureau. One of the leading concerns is TILA-RESPA compliance. Real estate practices will have a greater compliance burden under the new regulations, but you can use TILA-RESPA software from Easysoft to keep your practice from accidentally violating the rules.
TILA-RESPA Compliance Basics
The best way to find out how to remain compliant with closing rules is to visit the official CFPB compliance page. There are a host of resources there to help you educate yourself about the upcoming changes. Start planning now how your practice is going to change to meet new guidelines such as the much earlier paperwork deadlines.
Of course compliance is more complicated than simply reading some rules. This could affect every aspect of your closing procedures. You have been using the HUD form for years or even decades, and now you have to get used to a completely new document. The Loan Estimate and Closing Disclosure forms aren’t simply the HUD with some boxes moved around. The CFPB has implemented complex and fundamental changes to the way information has to be recorded. How can you be sure you are doing things correctly?
Easysoft Can Help With TILA-RESPA Compliance
Easysoft has spent months developing new EasyCDF software that complies with the new regulations. Of course are changing the name since the HUD form is going away.
The software will simplify compliance by helping you navigate the new forms. It will be like having an in-house expert on Closing Disclosure Forms. Just as Easy HUD streamlined completion of current closing documents, so will our new product lead you through the paperwork debuting August 1st. Enter information in an easy-to-use interface and trust that the number will be plugged into the right areas of the form. You’ll still get all the features you are used to such as automatic tax calculation, faster closings, and one-click electronic 1099-S filing.
Easysoft’s Closing Disclosure Form software will be available as a free update to existing Easy HUD subscribers. We are making sure the new product meets the high quality standards you’ve come to expect from Easysoft, but we will be releasing the updated quite soon. If you aren’t already an Easy HUD subscriber, then join now and be ready to receive the update as soon as we release it.
To learn more about the upcoming TILA-RESPA Integrated Disclosure rule (TRID), view our TRID Resources page.