Oh No! More Changes in Store for RESPA and HUD-1

The federal government is at it again. In 2010, the U.S. Department of Housing and Urban Development made a so-called “simplification” to the HUD-1 RESPA form, which involved expanding what was a relatively unfussy two-page form into three lengthier, altogether less simplified–and more stringent–pages. Just when we’ve all gotten a…

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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 That’s a dozen extra opportunities to receive inaccurate, outdated…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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