Standard's
Closing Disclosure Solution
Many
of you have reached out to us to discuss our plans for the Consumer
Finance Protection Bureau's new five-page Closing Disclosure
form. Standard
Solutions has been following the development of the new form
and regulations since the earliest drafts in 2011. You can
rest assured that we are hard at work on an upgrade to our software
that will produce the new form prior to the August 1st implementation
date.
Standard's
Closing Disclosure Solution will be available as an upgrade
to our 64-bit compatible software, Standard
Conveyancer Closing Center
and Standard HUD & Title.
We
announced Closing Center in last fall, and it's been in
use at some client offices for nearly a year. You can see a
screen
presentation of Closing Center on our web site.
The
Closing Disclosure combines the information from the current
HUD-1 and TIL forms. It is part of the CFPB's new TILA-RESPA
Integrated Disclosure (TRID) forms and regulations mandated
by the 2010 Dodd-Frank Act. If you are not familiar with the
new forms or with what is happening, you
can read more on the CFPB's web site.
While
this is a big job for us, and will be a big change for you,
things need to be kept in perspective. It's a new form and new
data entry screens, but the change will be of a scale similar
to the one we went through for the current HUD-1.
Standard
Conveyancer Closing Center
will be the way forward with the Closing Disclosure form for
all of our Standard Conveyancer users. The Closing Disclosure
will also be available as an upgrade to Standard
HUD & Title.
Closing
Center is available now for anyone wanting to upgrade, especially
if you own or are waiting to buy 64-bit computers. We are recommending
that all SC users upgrade to Closing Center within the next
few months so you can be prepared well in advance of the upgrade
for the Closing Disclosure form.
We'll
have more soon on SC Closing Center and what you can expect
going forward with the Closing Disclosure form. Please visit
our TILA-RESPA
Integrated Disclosures (TRID) Center for more information.
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Integrated
Disclosures QuickFact
While it's
based on the HUD-1 and TIL forms, the new Closing Disclosure is
not called the HUD-1. Responsibility for RESPA has been moved
from the Department of Housing and Urban Development (HUD) to
the CFPB.
SC Closing Center QuickFact
Closing
Center is based on Standard's HUD-1 screens you have been using
since 2010, which makes it very easy to learn. It
runs on 64-bit and 32-bit Windows computers. For most offices,
we can have you up and running and trained on Closing Center in
about an hour!
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