MRG Document Technologies (MRG) says it has completed the drafting of new good-faith estimate (GFE) and settlement statement (HUD-1) forms required by the upcoming Real Estate Settlement Procedures Act (RESPA) changes and is prepared to have institutions in compliance by the Jan. 1, 2010, deadline.
The RESPA changes were enacted by the Department of Housing and Urban Development (HUD) to ensure consumers receive accurate estimates of closing costs, as well as a clearer comparison of the GFE and HUD-1 forms. The GFE will display the estimated total settlement costs on the first page, and lay out the terms of the loan in an easy-to-understand manner.
MRG offers a browser-based system for the preparation and delivery of document packages, electronic disclosures, loan modifications and other services for lenders, banks and credit unions nationwide.
SOURCE: MRG Document Technologies