Online PR News – 16-September-2015 – NORTH BRUNSWICK, NJ – On September 8, 2015, Easysoft, a leading provider of legal software, released an updated version of its TRID-compliant program, EasyCDF. The changes were made in response to feedback from early subscribers of the software and focus primarily on changes to the Closing Disclosure Form.
On October 3, 2015, major changes to the way real estate closings are processed go into effect. These changes impact the closing forms used and when they are used, how data is submitted to mortgage lenders, and how long borrowers have to review the terms of their loans, to name just a few.
The new requirements will completely change the way real estate settlement agents, lenders, attorneys, and title companies manage real estate closings. Easysoft has been working on the new TRID-compliant software for over a year, and has spent the summer fine-tuning the software to be both fully-compliant and user-friendly. The software is now available as part of the EasyRealEstate Suite, which contains four programs and everything real estate professionals need to process real estate closings.
Based on feedback from early subscribers, we have updated EasyCDF to be more dynamic and intuitive to use. A lot of data now auto-fills for the user, which eliminates the need to go through the documents page by page and enter duplicate information. It's much more streamlined and saves users even more time during the dclosing process," explained Chris Stock, CEO of Easysoft (www.easysoft-usa.com).
Some of the time-saving features of EasyCDF are:
- One-point data entry. Fields auto-populate and auto-calculate based on the data that is first inputted.
- One-click changes to the type of transaction/purpose of the loan (purchase, refinance, construction, or home equity).
- One-click submission of 1099-S forms at the time of closing.
In addition, Easysoft has included an integrated MISMO-compliant import-export function for the EasyCDF. This function ensures data consistency throughout a transaction with MISMO compliance.
The biggest source of confusion for users was whether to use the old HUD forms or the new CDF forms for transactions after October 3. Loan Estimates provided to borrowers before October 3, 2015 will use the old HUD forms, regardless of when the closing occurs. Estimates generated on or after October 3 will require the use of the new Closing Disclosure Forms.
"This means settlement agents and lenders will be using both forms for their closings depending on the transaction. In addition to the timing of the Loan Estimate, some real estate transactions will continue to use the old HUD forms. These include reverse mortgages, home equity loans, and no-interest second mortgages," said Stock.
Easysoft plans to provide continuous updates to the software. Annual subscribers are able to download the updates right from the Easysoft website. The updates appear as additions to the software, not replacements.
The company also provides plenty of resources for subscribers to help them through the changes, including ongoing educational webinars, blogs, whitepapers, and videos, as well as unlimited live-by-phone support throughout the lifetime of the subscription. The company offers a free 30 day full version demo of EasyCDF at www.easysoft-usa.com.