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February
22nd: Five quick
important points:
1.
This week's update to your SC 2010 HUD-1 might
cause some of your HUD-1
screen settings to change. On
your 2010 HUD-1 screen, click the "HUD-1"
menu at the top. The best settings
are to have only "Hide Zeros" checked
and everything else unchecked.
2.
The No. 1 great underutilized feature of the 2010
HUD-1 is the Page 3 Auto
Fill. Click
the "Auto Fill" button at the top of
Page 3 to fill in your Page 2 items and GFE amounts.
If you then need to move an item, the
best way is to delete the HUD-1 line number and
enter it elsewhere.
3.
The latest program update gives you much more
control to deal with Page
3 lender requests. You should be careful
though -- some of the things lenders are asking
for on Page 3 are not valid under the
new RESPA rule (see page 15).
4.
Most of the questions
people have been asking us are answered
on our Frequently Asked
Questions & Help page. This is a quick
read, and something nobody who uses the program
should miss!
5.
New HUD-1 training dates
are being being added -- generally Tuesdays and
Thursdays at 9:30 a.m. Click
here for more info or call Cheryl or Ken to
schedule.
January
21st: Training dates have been posted! Click
here for more information on training.
We
had hoped to be able to offer training earlier
in the month. As things turned out we needed to
put all of our resources into making sure all
of our clients got up and running with the new
HUD-1 as you needed it.
January
10th: The
new document requirements have taken effect and
he industry is still functioning. Standard's update
for the 2010 HUD-1 has been available for download
since mid-December. Notification
was set to everyone along with instructions
on how to download the update.
Remember,
you may only close with the new HUD-1 if the loan
was originated or redisclosed with the new GFE.
Otherwise you must use the old HUD-1 even though
the loan is closing after January 1st.
We
have posted a list of Frequently
Asked Questions on updating and using the
new HUD-1 screens.
December:
Systems are being updated with the new HUD-1 software,
first for clients doing closings for lenders that
are switching early to the new GFE (mostly Wells
Fargo). Everyone else will get a link to download
the update in mid to late December. It's starting
to get interesting... there's already controversy
about how certain fields are supposed to be used.
HUD's
FAQs are up to about 50 pages.
November:
If you are already familiar with the use of the
forms and you would like to check out an advance
copy of the update, call Ken at (781) 324-0550.
More information on how the new
screens will look in Standard Conveyancer
will be posted in the first week of November.
October
30th: Rumor has it that HUD is now again considering
a six-month delay.
October
16th: HUD has turned down an industry plea
to postpone the deadline date for new RESPA forms.
September:
HUD continues to release updates to its
Frequently
Asked Questions about use of the new forms.
We are continuing to monitor HUD's communications
to ensure that our software is in compliance.
August:
On August 13th HUD released its long-awaited guidance
to the new GFE and HUD-1. While it still leaves
many questions unanswered, this document should
go a long way toward answering questions you may
have about the use of the new HUD-1.
July
30 deadline? Around the end of July we started
getting questions about lenders imposing a July
deadline for the new RESPA changes. This was a
result of confusion between the new RESPA rule
and the Mortgage Disclosure Improvement Act.
July
30th is the compliance date for new TILA disclosure
requirements for mortgage loans subject to RESPA
under the 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.
June
2009: Standard Conveyancer users will get
a new format for their 2010
HUD-1 screens that represents the first step
in a migration to a new and more modern look for
the program.
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