TSS Software Corporation, an independently-owned provider of software and services for the title and settlement services industry, has released a new version of its TitleExpress title and closing system that includes the 2010 HUD-1. The new version is designed to help TitleExpress users meet the new requirements mandated by the U.S. Department of Housing & Urban Development (HUD) effective Jan. 1, 2010. The rule directly affects two key elements of the real estate closing—the Good Faith Estimate (GFE) and HUD-1 forms—and requires several dramatic changes in the way the forms must be completed and coordinated.
“Our users look to us to help them stay productive and up to date,” said Barbara Miller, president and chief operating officer for TSS. “Implementing the new HUD-1 into the workflow of a settlement services firm will likely mean a disruption in the way they do business, no matter how well it is done. The timing of this release will help ensure that our users are ready to go well before they absolutely need to be. To provide our customers with optimal flexibility in the interim, the new version of TitleExpress offers the option for using either the current HUD-1 or the 2010 HUD-1.”
The TitleExpress 2010 HUD-1 release follows TSS’s launch of its FreeHUD‑1.com Web site in March, which also includes an interactive 2010 HUD-1 and GFE. In developing all customer options, TSS consulted with HUD personnel to ensure the forms’ accuracy.
The implementation and nuances of the new RESPA rule—specifically as they pertain to the HUD-1 and GFE—are the subjects of an open and ongoing discussion on social media platform LinkedIn. Go to www.linkedin.com and search the “Groups Directory” for 2010 HUD-1 to join the conversation. Also, join Barbara Miller (BMillerTSS) on Twitter, as she tweets daily on the challenges of HUD-1 development.
For more information, visit www.iwantTSS.com.