Understanding The HUD-1 Form, Part 2

In our first entry in this series we look at the header, sections A through I. Now let’s move on to sections J and K on the HUD settlement statement form, which break down the borrower’s and seller’s transactions respectively. We are going to talk about these sections together because…

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Don’t Let Paperwork Jeopardize Your Short Sale

The real estate market seems to be improving nationwide but short sales are still a common transaction seen by agents. Job loss, illness and divorce may prevent a homeowner from being able to keep up mortgage payments and a short sale is a preferable alternative to a foreclosure. Short sales…

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Real Estate Transactions: Don’t Work Without A Net (Mortgage)

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…

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The Secret To Saving Money On Real Estate Settlement

As a real estate professional, you want to maximize your profits. However too many businesses focus on increasing revenue while forgetting the other half of the equation: reducing expenses. If you can reduce your costs on each transaction, you make more money with every settlement you are part of. One…

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Paper Documents Are So Five Minutes Ago

Attorneys are finding that an increasing percentage of their clients want to do everything electronically. Many people prefer to handle business matters sitting in a coffee shop using a smartphone or tablet rather than dealing with traditional paper documents. Practices that don’t use law office management software with electronic document…

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Keep The Faith: EasyHUD Streamlines Good Faith Estimate Calculations

The U.S. Department of Housing and Urban Development (HUD) made a number of changes to the Real Estate Settlement Procedures Act (RESPA) designed to protect consumers from unreasonably high settlement charges. These changes, effective January 2009, modified the HUD-1 form in several ways, in part to streamline the comparison between…

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HUD-1 Closing Forms Plus 199 Additional Reasons to Buy Easy HUD

Paper, paper, and more paper.  We’re so glad we don’t have to produce all of the closing documents on your list.  We’ll stick with writing legal software, thank you very much. But, what we have done for the real estate bar is prepare 200 closing documents one time, so that…

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Discounts, Finance Charges, and Spellcheck – Attorney Billing Software

When you’re thinking about buying legal software, it’s important to remember to look for functions you frequently perform. Discounts are a common write-down taken on a client invoice.  You went the extra mile, recording all the hours and value for professional services you expended for your client.  But, it adds…

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HUD settlement statement – Enter it Once Enter it Forever

If you’re a real estate closing professional or settlement agent, then you know. From the buyer, seller, and lender, to the realtor, title insurance agent, and governmental entities: there are easily about a dozen parties involved in any given HUD-1 closing. That’s a dozen extra opportunities to receive inaccurate, outdated…

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A View from Above: Simplified GFE

If you’re a settlement agent or a real estate professional, you know the score. Make a mistake? Your closing immediately falls out of compliance. The new GFE-HUD comparison page of the HUD-1, and no matter what software you’re using: it’s a time-consuming exercise in double (and triple) vision. You’ve got…

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Revolutionary New Post-Closing Service: Lien Release Tracking Service

You’re a settlement agent, and you’ve just conducted a HUD-1 closing. We understand that your job doesn’t end the minute the funds get disbursed. For example, one of your responsibilities is to make sure that the original (or seller’s) lender releases its lien. Legally speaking, this release must be recorded…

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HUD-1 Closings: What’s the last thing you’ve got to remember?

You’ve just finished closing a deal. It went without a hitch. You prepared your HUD-1 closing statement, dotted your I’s and crossed your T’s in exactly the way that RESPA prescribes. Everyone brought the right checks, and buyer and seller left happy. Now, go back to your office and perform…

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The Latest Improvements to Easy HUD software

Easy Soft’s popular HUD software has been simplified. The newest version is Easy HUD 5.0, and it makes your life and—your practice—even easier than before. In our last post, we talked about the addition of several major features, including the creation of separate buyer and seller transactions sheets (as part…

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2010 RESPA RULES & HUD Complexity

By now, you’ve learned the nuances of the new HUD Settlement Statement, which took effect in January of 2010. While RESPA was able to hold lenders more accountable to their estimates, it also caused a plethora of unintended issues. For example, residential real estate buyers and sellers might end up…

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Mo’ Money, Mo’ Time – For Real Estate Lawyers Only

If you’re a real estate closing lawyer that takes a flat fee for services rendered, you’re well advised to search for ways to increase your efficiency. Greater efficiency translates into less time spent per case, which translates into a higher profit margin (since a lawyer’s time almost always equals his…

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RESPA & You

There’s been much ado about the new RESPA law that went into effect in early 2010. The new HUD Settlement Statements are long and convoluted. Lenders and settlement agents need to make their good faith estimates more exacting. Are the regulations too strict? Not strict enough? How are they enforced?…

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Your Little 1099-S Problem

It’s nearing the end of February. Recession aside, it was a solid year for real estate closings. Thanks to Easy Soft’s Easy HUD software, you generated your HUD settlement statements without a hitch. Your billing is up to date, your trust accounts are flawless, your revenues are strong, and you’re feeling organized and happy as a lawyer can be.

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Total Real Estate Closing Automation – A Webinar for Law Firms – Oct 19 (2:00-3:00 PM ET)

A real estate settlement is a transactional activity that follows a similar process from one closing to another. With today’s computer software tools, you can automate repetitive steps, which in turn minimizes re-working closing documents.

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