LOS ANGELES, Calif., December 29, 2009 – Applied Business Software (ABS), the developer of The Mortgage Office™, the leading loan origination and servicing software, announces an impressive software update that will aid loan originators with RESPA regulations. The Mortgage Office ™ software update now calculates and prints federally compliant documents.
Effective January 1, 2010, The Real Estate Settlement Procedures Act (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, Disclosure of Key Loan Terms, Closing Costs and Yield Spread Premiums 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 Department of Housing and 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, the President of ABS, states, “This update took nine months of research and development, including communications with industry organizations.”
The Mortgage Office ™ consistently rates superior in design, system interface, expandability, ease of use and technical support. The application fully interfaces with Microsoft Office™ suite of products and is designed to make loan servicing and the process of loan servicing more profitable, efficient and accurate. ABS was founded in 1978 and is headquartered in Long Beach, California.
If you’d like more information about this topic or to schedule an interview with Jerry Delgado, please call Lori Hlad at 562-426-2188 x114 or email [email protected]