HUD FORM CHANGES
The U.S. Department of Housing and Urban Development issued a change to the regulatory requirements of the Real Estate Settlement Procedures Act (RESPA). Extensive changes are made in HUD-1, HUD-1A and GFE forms. The effective date is January 16, 2009. More information on the new requirements is available at http://www.easysoft-usa.com/news/respa-final-rule.php
Lenders and brokers can start using the new GFE forms January 16th. Settlement agents must use new HUD forms if the lender is using the new GFE form...meaning, the form you must use depends on the form the lender has used for the transaction.
What does this mean for you? Effective January 16, 2009, you need to have a HUD system that is capable of producing settlement statements in both old and new formats. Be prepared! You need a product that is capable of producing both the old and the new forms during this transition time. For more information on available products, visit www.easysoft-usa.com today.
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