The August 1, 2015, effective date for the TILA-RESPA Integrated Disclosure Rule is fast approaching and many of you have questions regarding the new Closing Disclosure Form and E-Closing. Here are the answers to a few questions you may have.
When will the enhancements/modifications to the E-Closing program be available?
- Date: A soft release was completed in January for initial testing, and is tentatively scheduled for general release in early April.
- How do I obtain the upgrade?
This will be done automatically with E-Closing, no action is required.
- Do I need to purchase/upgrade equipment?
- Will there be additional fees for the enhancements?
Which forms will be available in E-Closing?
- Closing Disclosure (CD) Forms – all variations including sale, refinance and seller?
Yes, all of these forms.
- New Closing Statement(s) to be used with issuance of the Closing Disclosure?
- Will existing forms of the HUD-1, HUD-1A and GFE HUD remain for transactions that are exempt from the rule?
Yes, all prior HUD forms will still be available to use with E-Closing.
- Will documents in E-Closing that currently feed or pull from the HUD-1 line numbers need to be updated?
This includes Invoices, Premium/Rates, Reports, and Miscellaneous Documents. E-Closing will automatically update all documents.
- Will the ability to produce a Closing Statement be available?
- Will E-Closing‘s enhancements allow us to automate the exchange of data with Lenders? (i.e. Mortgage Industry Standards Maintenance Organization (MISMO) compliant using the Uniform Closing Dataset (UCD)).
E-Closing is with several service provides to integrate with the lender LOS systems and provide data exchange using MISMO and UCD.
- Will E-Closing maintain a historical copy of each Closing Disclosure form generated (i.e. revision history)?
Users can choose to save revisions using the “Save for E-Closing Users” feature in generate documents. This feature will also be available in the MISMO and UCD integrations mentioned above.
- Will E-Closing track delivery and time stamp?
Yes, if the Closing Disclosure is sent via email from within the system.
Training and Support
- A user testing period prior to the August 1, 2015 implementation date?
- Training provided?
Yes, Webinars will be provided.
- Online or In Person?
- Support offered?