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The Department of Housing and
Urban Development received over 12,000 comments on its proposed
changes to RESPA (Real Estate Settlement Procedures Act) during the
final public comment period, held between March 14th and June 12th
of this year. After sorting through them all, and taking many to
heart, on November 17, 2008, it released the Final Rule to
Simplify and Improve the Process of Obtaining Mortgages and Reduce
Consumer Settlement Costs. Although the end result might indeed
be to simplify the process, the Rule itself, and the changes it
creates, are both detailed and dramatic.
Definitions and fee disclosures have been modified, and familiar
forms, such as the Good Faith Estimate (GFE) and HUD-1 and HUD-1A
Settlement Statements have been almost entirely revamped.
Transition Period
Although a transition period for the
implementation of the new forms gives the industry until January 1,
2010 to
comply, certain other aspect of the Rule take effect on January 16,
2009.
We are working on
the new software and should have them available for release in early
2009. Rest assured, if you purchase any combination of HUD-1,
HUD-1A, Good Faith Estimate or Real Estate Closing Software during
this transition period, you will receive a free copy with the latest
form revisions when they are available.
New Forms
Breaking News
The day for new forms
and new RESPA regulations may never arrive, as
industry opponents could still ask the incoming
Obama administration to propose a new RESPA rule
that would supersede it. Stay tuned for more
information.
Industry opponents say HUD -- which has been
attempting to update the 34-year-old law since 2002
-- has overestimated the benefits of RESPA rule
changes to consumers, while underestimating the
costs to loan originators, title insurers and
settlement services providers.
Some industry
groups, including the National Association of
Realtors and the American Land Title Association,
maintain HUD's proposed incentives for packaging
settlement services with loans could actually reduce
competition by promoting further industry
consolidation.
We ask that if you like
these resources, that you add the following link to your website
(or any website for that matter):
Real Estate Closing Software
Automates preparation and printing of
HUD-1, HUD-1A RESPA Settlement Statement, Escrow Disclosure and
1099-S. Amortization Schedule Software is FREE with purchase.
Our Real Estate Closing Software
is the best on the market. We installed all of our competitor's
software, reviewed them extensively and evaluated their price. Our
software is less expensive and offers more features than any other
package on the market. If you find better software at a lower price,
BUY IT and please send us an e-mail
(info@lawfirmsoftware.com)
or call us (480-706-6474) to let us know why you purchased that
software. We have listened to our customer's and have added features
and reduced the price to provide the best software at a lowest price.
We also offer discounts toward the
purchase of our software. Please read the latest independent
reviews
of our real estate closing software.
All of our software functions on any
Windows operating system. The software has been tested on Windows 95,
98, 2000, NT, ME (millennium edition), XP and 2003.
The software functions on networks or stand-alone personal computers
and is compatible with all printers.
Please do not hesitate to send us an e-mail (info@ruthtechnology.com) if you have questions, comments or if
you come across something that would contribute to this section.
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