Stewart Title And Escrow Production System Features New HUD-1

t Title Co., a wholly owned subsidiary of Stewart Information Services Corp., has released the new HUD-1 in its AIM title and escrow production system. ‘The new RESPA rule incorporates significant changes to the HUD-1 forms required by HUD beginning January 1, 2010,’ explains Stewart Morris Jr., president of Stewart Title and chairman of PropertyInfo Corp., a Stewart company that develops, supports and distributes the AIM software solution. "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." AIM automates the preparation of 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. "During this transition period, some lenders may issue the new GFE now, while others may wait until January," says Malcolm Morris, chairman and co-CEO for Stewart Information Services. SOURCE: Stewar

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