We've
recieved a lot of calls over the last week or so from clients
concerned that lenders were switching to the new HUD-1 on a
July 30 "deadline." This turned out to be a result
of confusion between the new REPSA requirements and those of
the new Mortgage Disclosure Improvement Act (MDIA). Unless you
issue your own TILA forms, these changes do not involve the
documents produced by settlement agents or your Standard Solutions
software.
For
the new HUD-1 form, Standard Solutions is hard at work on program
and document updates for both our programs; Standard Conveyancer
and Standard HUD & Title. The new form, along with a new
Good Faith Estimate, is required for all closings originated
after January 1, 2010.
We
are anticipating that some lenders will want to start use of
the new forms early rather than waiting for the end of the year.
Updates for our programs will be available this fall so that
you will be prepared when your lender switches to the new GFE.
Keep
track of developments and get links to more information at Standard's
RESPA
Update Center.
