Posted by Linda_in_MI on 7/2/09 7:44am
Msg #294336

Stewart Title, new RESPA, new HUD1

Not sure if this is old news or not, but it I just came across this morning. Some interesting quotes/comments from the article include:

"Title and escrow offices rely on AIM to process their transactions and produce the documents signed at closing. It automates the preparation of the HUD-1, closing documents and handles disbursement of funds during the real estate transaction process. The new RESPA rule requires the new HUD-1 to be used in conjunction with the new GFE. Lenders can begin using the new GFE at anytime, but it is a requirement to begin using it January 1, 2010.

“Having our systems ready now gives our offices the advantage of having the tools and training needed to serve our customers as we get closer to January 1, 2010,” Morris continues. “Stewart’s legal counsel and software trainers are hosting webinars to educate our agents on how to use the new HUD-1 and to be in compliance with the new regulations. It is important for our agencies to prepare today, so they can process escrow orders that require the new HUD-1.”

“During this transition period, some lenders may issue the new GFE now while others may wait until January,” said Malcolm Morris, chairman and co-chief executive officer for Stewart Information Services Corp. “Title and escrow agencies need to be able to respond and provide the current HUD-1 and the new HUD-1 during this transition. Stewart has the tools they need to produce both forms to be in compliance.”

Link to the story is:
http://www.earthtimes.org/articles/show/stewart-titlereg-sets-the-stage,879836.shtml