Stewart Title® Sets the Stage for the New RESPA Regulation with the Inclusion of the New HUD-1 in its AIM® Title and Escrow Production System
HOUSTON (July 1, 2009) – Stewart Title Company (STC), a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), announced today the release of the new HUD-1 in its AIM title and escrow production system.
"We are pleased to lead the way with the new HUD-1 in our AIM title and escrow production system," said Stewart Morris Jr., president of Stewart Title and chairman of PropertyInfo Corp. "AIM is our production system and vital to our title and escrow operations. It is the workhorse that generates documents signed at closing. The new RESPA rule incorporates significant changes to the HUD-1 forms required by HUD beginning January 1, 2010. We are ready six months in advance to better serve our lender customers and to be compliant when these customers want to start using the new Good Faith Estimate (GFE), which will also require the new HUD statement to better inform consumers about any changes from the GFE."
Title and escrow offices rely on AIM to process their transactions and produce the documents signed at closing. It automates the preparation of the HUD-1, closing documents and handles disbursement of funds during the real estate transaction process. The new RESPA rule requires the new HUD-1 to be used in conjunction with the new GFE. Lenders can begin using the new GFE at anytime, but it is a requirement to begin using it January 1, 2010.
"Having our systems ready now gives our offices the advantage of having the tools and training needed to serve our customers as we get closer to January 1, 2010," Morris continues. "Stewart's legal counsel and software trainers are hosting webinars to educate our agents on how to use the new HUD-1 and to be in compliance with the new regulations. It is important for our agencies to prepare today, so they can process escrow orders that require the new HUD-1."
"During this transition period, some lenders may issue the new GFE now while others may wait until January," said Malcolm Morris, chairman and co-chief executive officer for Stewart Information Services Corp. "Title and escrow agencies need to be able to respond and provide the current HUD-1 and the new HUD-1 during this transition. Stewart has the tools they need to produce both forms to be in compliance."
PropertyInfo Corp., a Stewart company, develops, supports, and distributes the AIM software solution. "Preparedness, expediency and a laser focus on meeting and exceeding our customers' expectations have pushed us to deliver the new HUD-1 well in advance of 2010," said Patrick L. Vaden, title industry veteran and president and CEO of PropertyInfo Corp. "We cannot wait until lenders are issuing the new GFE, we must act now. As lenders start sending orders with the new GFE, our AIM customers will be ready to prepare the new HUD-1."
For the new HUD-1 or information on educational seminars to get your title operations ready to be compliant, contact Stewart Customer Care at (877) 800-3132, option 3.
About PropertyInfo Corp., a Stewart Company
PropertyInfo Corp., a wholly owned subsidiary of Stewart Title Company, delivers state-of-the-art real estate information solutions to the real estate, closing and mortgage industries. As a global provider of online transaction management and e-closing solutions, real estate information services, title/escrow production systems, hosting services, software development and online product distribution via its Web portal, PropertyInfo.com, PropertyInfo provides title and real estate professionals with the electronic data and integrated applications needed to increase their business efficiency and improve the quality of information used throughout the real estate transaction process. For more information, visit www.propertyinfo.com or e-mail firstname.lastname@example.org.
Stewart Title Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout offices in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.