Landtech Plans Seminars to Introduce its New Landtech XML with the HUD-1 Changes
July 8, 2009
Landtech Data Corp. has completed the changes required by RESPA for the new HUD-1/1A, which will be required Jan. 1. Because of the nature of the required disclosures, Landtech is preparing orientation seminars to acquaint users with the various options and interpretations in using the new HUD settlement statements.
"The new HUD form which adds a Page 3 hooked with the GFE (Good Faith Estimate) requires some getting-use-to", said Wyatt Bell, president of Landtech. "As we've discovered in our 30 years of providing real estate settlement software, lenders can be quite creative with disclosures. So we've taken the time to insure maximum flexibility that will allow the Landtech System to accommodate any lender requirements."
The new HUD RESPA rule requires use of the new GFE/HUD as of Jan. 1. Lenders, however, have the option of using the new HUD prior to that date.
Karl Heeter, the Landtech representative for the Northeast U.S., said “clients are concerned the new HUD rules are unclear and may present significant challenges. Flexibility in the new Landtech system is key to meeting those challenges.”
Marie Motter, the Landtech representative in Atlanta, said the company will offer multi-media training options such as seminars, webinars and individual online sessions to meet the different needs of customers.