Real Estate Closing Attorneys and Title Closing Agents are responsible for producing a great deal of critical, required documents for real estate closings, on a very tight schedule. The smaller the practice, the more of a challenge it can be to ensure full compliance with TRID requirements, ALTA Best Practices, and state and local regulatory requirements.
Required Closing Forms
- Closing Disclosure – The five-page Closing Disclosure (CD) form is one of the most common sources of headaches and can be time-consuming (and costly) to re-work. There's a great deal of information to gather and verify, and if anything is missing or information like the Annual Percentage Rate (APR) changes over the course of the process, you'll have to re-disclose and possibly re-start the clock on the closing date. The goal is obviously to produce a single, timely CD with complete and accurate information, and no need to waste time and money on re-disclosures. Achieving that goal requires meticulous tracking of data and deadlines, and issuing the CD as close to the deadline as possible, so that fees and rates are accurate up-to-the-moment.
- Loan Estimate – The three-page Loan Estimate (LE) is another critical document that places closing agents on an extremely tight deadline for gathering a significant amount of accurate information. Within three days of the borrower submitting a complete loan application to the lender, that borrower must receive an LE. Changes to fees that exceed the allowance for their type (zero tolerance, 10% total variance, or unlimited tolerance) will require re-issuing the LE, and can result in fines if the errors cause the LE to be delivered late, or if the fee changes are found to be due to a lack of diligence.
- HUD Forms – Although the CD and LE forms have replaced the HUD-1 forms under TRID, there are still some cases in which HUD forms are required, in addition to the TRID-mandated LE and CD. Those situations include VA-guaranteed home loans, Home Equity Revolving Lines of Credit (HELOC), reverse mortgages, mortgages secured by mobile homes, and no-interest second mortgages.
- ALTA Forms – The ALTA Settlement Statement includes some information that may not be covered under the TRID-required LE and CD forms, such as the actual premiums for title insurance, disbursement dates, recording dates, and tax pay-off dates. Although compliance with ALTA Best Practices is not required by law, it is increasingly required by the market; lenders want to work with closing agents who demonstrate compliance with ALTA Best Practices in order to reduce their liability for errors.
Ensure Accuracy In Your Required Forms
The Easy Soft Real Estate Closing Solutions suite includes a library of more than 200 pre-designed forms to help you make short work of generating the most commonly required documents for real estate closing. You can also create custom forms, add them to your forms library, and share them with other licensed users in your workgroup.
Real Estate Closing Solutions features simple input forms and once you've entered a piece of information, you'll never need to enter it again. When you select a new form to be generated for a given transaction, the database will automatically fill the form for you, so you can rest assured that you haven't made a typo or entered information into the wrong field, and you'll be on to your next task in seconds.
Better Results In Less Time
Take Easy Soft Real Estate Closing Solutions for a free trial offer, and you'll see how much more you can get done when you automate repetitive tasks like forms generation and eliminate playing phone tag with clients when you need information. Achieving full compliance is fast and effortless using Easy Soft Real Estate Closing Solutions.
