Industry NewsNews Brief

‘Easy HUD’ to support new RESPA rule

Industry may spend $153 million on software, training
Published on Nov 18, 2008

Developers of the real estate closing software application Easy HUD say it will soon support the new loan disclosure forms and settlement procedures mandated by the Department of Housing and Urban Development. HUD published its long-awaited final rule Monday governing enforcement of the Real Estate Settlement Procedures Act, or RESPA (see story). HUD estimates the new forms and procedures will save consumers $8.35 billion a year by helping them shop for the best deal on a mortgage and settlement services such as title insurance. Although some provisions of the new RESPA rule are scheduled to take effect Jan. 16, loan originators have until Jan. 1, 2010, to switch to a new standardized Good Faith Estimate (GFE) and HUD-1 settlement statement. Easy HUD's developer, North Brunswick, N.J.-based Easy Soft, says it's been monitoring the seven-year-long evolution of the new RESPA requirements, and that the application is already being updated. The application will support both old a...

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