Are You RESPA-Ready? Encompass360® Is
On January 1, 2010 the biggest overhaul of the Real Estate Settlement and Procedures Act in 30 years
took effect.
In a recent statement, HUD said they’d exercise restraint in
enforcing the 2010 rules during the initial months—but only if
companies show they’re making an honest effort to comply.
Here’s an easy way to check if your software solution is up
to the task:
- Does it have the 2010 GFE and HUD-1 forms?
- Does it enable you to easily compare GFE and HUD-1 fees to stay
within tolerances?
- Does it prompt you to disclose or re-disclose the GFE when
necessary?
- Does it alert you of potential RESPA violations?
- Does it enable you to easily track your disclosures and view an
audit history?
If you answered no to any of these questions, you may be at risk for RESPA compliance violations. Don’t risk your company’s future—call us today at 888.955.9100
to learn how we can help you comply with the 2010 regulations.
Only you can ensure that your company stays compliant but with Encompass360®,
you’ll have the forms and functionality to help you and your staff navigate the
new rules and easily manage the new procedures .
Encompass360® RESPA Solution Overview
The Real Estate Settlement and Procedures Act (RESPA) is enforced by the
US
Department of Housing and Urban Development (HUD) and requires that consumers
receive disclosures at various times during the transaction and outlaws
kickbacks that increase the cost of settlement service providers.
With the January 1, 2010 changes, not only will RESPA require use of new Good
Faith Estimate and HUD-1 forms, but additional regulations will require new
steps in the origination process.
One of the HUD requirements for exercising restraint in
initial months is that companies show they’re making sufficient
investment and commitment in technology, training and quality
control. Encompass360 has a full RESPA solution to help your
company prove you’re making that commitment:
| Encompass360® RESPA Solution |
|
|
Updated 2010 GFE and HUD-1 Forms
|
- RESPA required 2010 input and output forms
- Single system so you can eliminate redundant data entry,
reduce errors, and avoid potential compliance violations and
fines
- Support for eDisclosures and eSigning
|
|
Automated Tracking to Help Keep You Compliant with New Rules
|
- Easy way to comply with new RESPA disclosure
tracking regulations
- Comprehensive audit history of disclosures
- Automatic calculation of the RESPA compliance
timeline
- Instant access to all disclosure data
|
|
Alerts to Warn You of Necessary Actions and Potential Violations
|
- Notifications when you need to disclose and
re-disclose to borrowers
- Assurance that appropriate disclosure has been
done
- Notifications of any timeline issues
- Warnings of potential fee violations
|
|
RESPA-Compliant Closing Docs
|
- Updated closing docs that comply with the new
RESPA regulations
- A single RESPA-ready solution for disclosures and
closing
|
Get the RESPA Update
If you’re an Encompass or Encompass360 user, you’re in luck.
Encompass360 has been updated with the new forms and
functionality you need. If you’re already using Encompass360,
you can get your free RESPA update now.
Not yet upgraded to Encompass360? We strongly encourage you
to upgrade today. Only Encompass360 has the RESPA update.
If you’re not currently an Encompass or Encompass360 user,
please contact us to learn more about how our A-Z solution
can satisfy all of your company’s needs—as well as help you stay
compliant with the new RESPA regulations.
