Skip to main content

Applied Business Software announces RESPA compliance update

NationalMortgageProfessional.com
Dec 30, 2009

Applied Business Software (ABS), the developer of The Mortgage Office loan origination and servicing software, has announced a software update that will aid loan originators with Real Estate Settlement Procedures Act (RESPA) regulations. The Mortgage Office  software update now calculates and prints federally compliant documents. Effective Jan. 1, 2010, RESPA will enforce the largest sweeping change to the process of loan originations since 1974. As a result, loan originators will be required to generate several new forms, including a revised Good Faith Estimate (GFE), disclosure of key loan terms, closing costs and yield spread premiums (YSPs) as well as a revised HUD-1 Settlement Statement. The new statue is meant to help home buyers by disclosing surprise closing charges and fees, overall making the process more transparent for the buyer. Many lenders are not eager to enact this new statue, a key reason being they do not have the latest computer software in place to create and print the new required forms. The U.S. Department of Housing & Urban Development (HUD) plans to enforce the new RESPA provisions in the first quarter of 2010, all lenders will be expected to implement the changes promptly to avoid being subjected to penalties and fines. The new requirements will affect approximately half a million loan originating professionals and millions of mortgage loans in 2010. Jerry Delgado, president of ABS, states, “This update took nine months of research and development, including communications with industry organizations.” For more information, visit www.absnetwork.com.
Published
Dec 30, 2009
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021