The Final Rule
The new Real Estate Settlement Procedures Act (RESPA) requirements, issued by the U.S. Department of Housing and Urban Development, are effective as of January 16, 2009. The final rule amends HUD’s regulations, requiring more timely and effective disclosures related to settlement costs for mortgage loans to consumers. The changes made by this final rule are designed to protect consumers by standardizing the Good Faith Estimate (GFE). A clear comparison of the GFE and the HUD-1/HUD-1A Settlement Statements ensures that borrowers are aware of all costs as they relate to their particular mortgage loan and settlement transaction.

Until January 1, 2010, lenders may use either the old GFE or new GFE. It is important to note that lenders dictate the GFE used and agents must be prepared.

For useful information about RESPA, visit the U.S. Department of Housing and Urban Development
website: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm

What You Need to Do
The new Good Faith Estimate requires the use of the new HUD-1 settlement statement, and settlement agents must be prepared to use the new HUD-1 and HUD-1A to be compliant with the new rules.

It is critical that you have access to both the old and new HUD-1 settlement statements during this transitional year.

SoftPro Is Here to Help
At SoftPro, we are prepared for the transition and have the new forms incorporated into our closing software. SoftPro users on Annual Maintenance Service (AMS) will have access to both the old and the new HUD-1 settlement statements during this 2009 transition year.

Current SoftPro Customers on AMS*:
If you are running SoftPro Enterprise Edition, please contact SoftPro Support at 800.848.0143 to schedule your installation of Enteprise 6.0.*

If you are running SoftPro Standard Edition, the update shipments are underway. Please contact SoftPro Support at 800.848.0143 if you would like to request priority shipping of your update to Standard 12.0.*
*Must be on SoftPro Annual Maintenance Service (AMS) to receive this update.

If you would like to download the 2009 Interim HUD, CLICK HERE. (http://www.softprocorp.com/mySoftPro/GetHUD)

If you need to renew your SoftPro Annual Maintenance Service to receive this update, please contact your SoftPro Sales Representative at 800.848.0143.

BE PREPARED.
Don’t lose business because you’re not ready for this transition!

For more information about this transition and how SoftPro can help, contact your SoftPro Sales Rep at
800.848.0143 or via email at sales@softprocorp.com.