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December
31st: "January
2011 " UPDATE: You may
get this any time during the first week of January.
In addition, some of these improvements may already
have been installed for you. Many functions of
the HUD-1 screens have been improved, but highlights
of the update include:
First
American has changed rates in some states to
include a refinance loan policy rate
different from the purchase loan policy
rate. New programs and rates automatically calculate
the refinance rate. Click
here for more information on calculating
new First American rates in Massachusetts and
New Hampshire.
Checkwriting/Accounting
module has been updated to work with newer versions
of Quicken through version 2010. You will see
a new "Account Name" field on the
Checkwriting Control screen — do not use
this if you are using Quicken 2004 or earlier.
"Tax
to HUD" function on the Financial screen
has been restored to add tax payment to HUD-1.
HUD-1
Page 3 "Question 5" Variable Rate
fields have been updated to fully correlate
with the Variable Rate screen. Rate floor field
on Page three pulls from the Margin Percentage
field on Variable Rate screen. Can override
if desired.
HUD-1
Page 3 "Question 10" Totals now does
not include PMI in escrow total, but does include
PMI in grand total. Can override if a different
result is desired.
Automatic
calculation shutoff on past closing dates changed
to only take effect if closing date is more
than 60 days in the past.
Financial
screen Annual Tax amount is no longer linked
to HUD-1 annual tax amount for greater flexibility
in the escrows section.
Correctly
retains manually entered aggregate escrow adjustment
on line 1009.
Display
of line 1202 recording line fields now correctly
reflects status of Recording calculation.
June
28th: "JULY
1" UPDATE: You may get
this any time from the last week of June to the
first week of July, depending on whether you need
new Chicago or Commonwealth Land Title documents.
Highlights of the update include:
1.
There are major improvements to how the questions
on the lower half of HUD-1 Page 3 work. In addition,
all figures can now be overridden if you need
to change the data.
2.
A new 2010 HUD-1A document is included. Click
the "HUD-1" menu on any of the HUD
screens to switch to the HUD-1A.
3.
The update adds the Agent/Underwriter names
to split on 1107 & 1108.
4.
Improved handling of payoffs means that they
will reliably fill into the HUD and be removed
from HUD-1 if deleted from the payoff screen.
5.
The NH Real Estate Tax document now works with
New HUD-1.
6.
A new data recovery feature prevents data loss
in the case of computer or program failure.
If changes are made to HUD-1 screens which for
any reason are not carried over and saved in
the closing file, a prompt appears on next retrieval
of file which allows you to recover the unsaved
changes.
More
information is available in the Release Notes
that pop-up after the update is applied.
May
24th: An update is available that will allow
you to better control the answers to the questions
in HUD-1 Page 3. Please call us if you wish to
update now, otherwise you can get the update automatically
in June.
April
7th: HUD's FAQs were updated again on April
2nd. It's probably not worth printing out the
whole thing again, but you might want to skim
it to see if there is anything new that is if
interest to you. http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs422010.pdf
March
15th: We have scheduled additional in-house
group training dates for March 30th and April
20th. More dates will be added if people have
interest.
February
22nd: Five quick
important points:
1.
This week's update to your SC 2010 HUD-1 might
cause some of your HUD-1
screen settings to change. On
your 2010 HUD-1 screen, click the "HUD-1"
menu at the top. The best
settings are to have only "Hide Zeros"
checked and everything else unchecked.
2.
The No. 1 great underutilized feature of the
2010 HUD-1 is the Page
3 Auto Fill. Click
the "Auto Fill" button at the top
of Page 3 to fill in your Page 2 items and GFE
amounts. If you then need to move
an item, the best way is to delete the HUD-1
line number and enter it elsewhere.
3.
The latest program update gives you much more
control to deal with Page
3 lender requests. You should be
careful though -- some of the things lenders
are asking for on Page 3 are not valid under
the
new RESPA rule (see page 15).
4.
Most of the questions
people have been asking us are answered
on our Frequently Asked
Questions & Help page. This is a quick
read, and something nobody who uses the program
should miss!
5.
New HUD-1 training
dates are being being added -- generally
Tuesdays and Thursdays at 9:30 a.m. Click
here for more info or call Cheryl or Ken
to schedule.
January
21st: Training dates have been posted! Click
here for more information on training.
We
had hoped to be able to offer training earlier
in the month. As things turned out we needed to
put all of our resources into making sure all
of our clients got up and running with the new
HUD-1 as you needed it.
January
10th: The
new document requirements have taken effect and
he industry is still functioning. Standard's update
for the 2010 HUD-1 has been available for download
since mid-December. Notification
was set to everyone along with instructions
on how to download the update.
Remember,
you may only close with the new HUD-1 if the loan
was originated or redisclosed with the new GFE.
Otherwise you must use the old HUD-1 even though
the loan is closing after January 1st.
We
have posted a list of Frequently
Asked Questions on updating and using the
new HUD-1 screens.
December:
Systems are being updated with the new HUD-1 software,
first for clients doing closings for lenders that
are switching early to the new GFE (mostly Wells
Fargo). Everyone else will get a link to download
the update in mid to late December. It's starting
to get interesting... there's already controversy
about how certain fields are supposed to be used.
HUD's
FAQs are up to about 50 pages.
November:
If you are already familiar with the use of the
forms and you would like to check out an advance
copy of the update, call Ken at (781) 324-0550.
More information on how the new
screens will look in Standard Conveyancer
will be posted in the first week of November.
October
30th: Rumor has it that HUD is now again considering
a six-month delay.
October
16th: HUD has turned down an industry plea
to postpone the deadline date for new RESPA forms.
September:
HUD continues to release updates to its
Frequently
Asked Questions about use of the new forms.
We are continuing to monitor HUD's communications
to ensure that our software is in compliance.
August:
On August 13th HUD released its long-awaited guidance
to the new GFE and HUD-1. While it still leaves
many questions unanswered, this document should
go a long way toward answering questions you may
have about the use of the new HUD-1.
July
30 deadline? Around the end of July we started
getting questions about lenders imposing a July
deadline for the new RESPA changes. This was a
result of confusion between the new RESPA rule
and the Mortgage Disclosure Improvement Act.
July
30th is the compliance date for new TILA disclosure
requirements for mortgage loans subject to RESPA
under the Mortgage Disclosure Improvement Act
(MDIA). Unless you issue your own TILA forms,
these changes do not involve the documents produced
by settlement agents or your Standard Solutions
software.
June
2009: Standard Conveyancer users will get
a new format for their 2010
HUD-1 screens that represents the first step
in a migration to a new and more modern look for
the program.
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