Applied Business Software (ABS) has updated its origination and servicing software, The Mortgage Office, to comply with Real Estate Settlement Procedures Act (RESPA) regulations. The software update now calculates and prints federally compliant documents.
‘This update took nine months of research and development, including communications with industry organizations,’ says Jerry Delgado, ABS' president.
The RESPA changes, which took effect Jan. 1, require originators to generate several new forms, including a revised good-faith estimate, a disclosure of key loan terms, closing costs and yield spread premiums, as well as a revised HUD-1 Settlement Statement. The new statute is meant to help home buyers by disclosing surprise closing charges and fees.
The new requirements will affect approximately half a million loan origination professionals and millions of loans this year, ABS says.
SOURCE: Applied Business Software