We are getting closer to the big changes coming to real estate closing as of August 1, 2015. As the date approaches, we at Easysoft are updating our software to comply with the new laws. We’ve gotten lots of questions about the new rules and in many cases our answer is a frustrating “We don’t know at this point.”
What We Know And What We Don’t
Our real estate experts have looked over the new CFPB rules so we can understand how our current real estate closing software will have to change. The updated version of Easy HUD will be launched well in advance of the August 1 deadline to give you plenty of time to adjust to the new system.
Although we are happy to answer questions about the upcoming changes to our HUD software, we are simply not in a position to answer most of the questions about the CFPB rules, the new forms, or how the industry is going to change. This is for two reasons. First, we simply don’t know the answers to some of these questions. Second, and more important, we aren’t attorneys. We are software developers and as such we are not qualified to provide the kind of information many of our clients are looking for.
Where Can You Go For Information
What we can do is provide you links to other sources of information. These are sites we ourselves are watching to order to understand how the new rules and forms will impact the industry.
The Consumer Financial Protection Bureau (CFPB) is the agency responsible for implementing changes stemming from the Dodd-Frank Act, so is the best source of accurate information. Their Know Before You Owe page provides information on the history of the act, copies of the new forms, links to the full text of the rule, and a host of other resources for consumers, lenders and others affected by the rule changes.
For opinions on how these changes will affect the industry, we suggest you consult real estate trade magazines such as CFPB Monitor, National Mortgage News or Mortgage Compliance Magazine (their January 2015 issue was all about the CFPB changes).
Easysoft will continue to keep our finger on the pulse of the industry so we can develop the best high quality closing disclosure software you’ve come to expect. We’ll provide some industry insight in this blog, but mostly our focus is on providing the tools your practice needs to succeed in today’s real estate market.