Am I TRID compliant?
Your
Standard
Conveyancer Closing Center has been updated with the
latest
programs and documents for the Closing Disclosure ("CD").
You can check your version by clicking the Help menu, then About
Standard Solutions. The current version number ends with 988.
If you have concerns
about the status of your updates, please e-mail us at
help@standardsolutions.com.
The first thing we need to do is check the settings and log files in the database
that controls our updates, and then we will contact you.
How to learn more...
It’s important to take
advantage of the information available from ALTA and your underwriters. TRID involves not
only new forms but new timing requirements and other new regulations. The CFBP has produced a
helpful guide to filling out the forms, plus completed
samples of each form. The samples let you follow along and see where information goes. The guide and samples should be
considered required reading for anybody working with the new forms.
There's lots
more information about the CD and SC Closing Center, including
links to sample forms, the CFPB's guide to the forms, our
annotated sample CD and our FAQs, on line
at our TILA-RESPA
Integrated Disclosures (TRID) Center.
What
is the ALTA Settlement Statement?
In some
states a second settlement statement is used, usually due to laws that
require information be disclosed differently than the HUD-1. ALTA
has recently updated it's uniform settlement
statement for use in the CD era. There is concern that aspects
of the TRID regulations make it necessary to use this form now in our region as well. While
not everyone agrees, there is enough interest in the ALTA Settlement
Statement that it is being added to SC Closing Center.
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Not the new HUD?
The CD is not a "new HUD." Responsibility for
RESPA has passed from the Dept. of Housing and Urban Development
to the CFPB, so it's no longer a HUD document.
What about the old HUD?
SC Closing Center will still be able to produce the 2010 HUD-1
(for reverse mortgages and HELOCs) and the old HUD-1
(for commercial and cash deals).
Standard Solutions at REBA
We will be at the REBA conference on Monday, November 2nd.
Please stop by and see the TRID- compliant Closing Center,
or bring any questions you might have about
the
TILA-RESPA Integrated Disclosures.
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