In preparation for the federally mandated Good Faith Estimate (GFE) changes and requirements, Docu Prep Inc. has created a feature which will provide customers with an easy transition to comply with any GFE changes that are on the horizon. With new GFE requirements (which will go into effect Jan. 1, 2010) by the U.S. Department of Housing & Urban Development (HUD), lenders are scrambling to update their systems to ensure compliance to the upcoming changes. Concerns over these regulations have invariably been raised due to the major changes to the GFE. However, Docu Prep is confident that these changes will be easily integrated through a simple application Docu Prep has created.
“Our customers can continue to use their LOS systems without any technical upgrade,” said
Docu Prep Senior Architect Josh Arceo. “Users will be able to use the old forms or new forms simultaneously.”
Docu Prep’s new feature will allow users to easily disclose their fees and comply with GFE’s regulatory requirements while maintaining a parallel structure to their current LOS systems. Adhering to compliance with these new regulations will be a simple task for Docu Prep’s customers, while minimal changes will be made to their current processes.
“Compliance with the new GFE/HUD requirements is greatly enhanced with the simple,
client-driven approach,” said Ann Savage, general counsel for Docu Prep. “Early testing and parallel systems will help our clients ensure they understand the product and legal changes and how they work in practice before the Jan. 1st deadline.”
Not only will Docu Prep’s new application minimize changes to customers’ current processes, but it will also enhance their understanding of the new requirements to be put into place.
“The new feature will provide a clearer understanding of how fees interact with the new GFE and HUD-1 Settlement Statement, and will ensure a more precise comparison of fees between initial disclosure and closing documents,” said Docu Prep Senior Analyst, Britt Christiansen.
For more information, visit DocuPrep.com.