Title Company Unveils Mobile App that Produces Customizable HUD-1
June 4, 2013
Washington, D.C.-based Federal Title & Escrow Co. released a mobile application it says produces a detailed picture of cash to close and monthly mortgage payments for homebuyers and cash in pocket for home sellers on an editable, shareable closing disclosure statement.
"Close It! is like Turbo Tax for real estate transactions," said Todd Ewing, founder of Federal Title & Escrow Co., who first conceived of the app last summer. "And the results are accurate within one-tenth of 1 percent on average."
The company said getting started with the app is as easy as entering a purchase or sales price. The results can be fine tuned on a live worksheet to narrow down cash to close or cash in pocket within hundreds of dollars or less for consumers in D.C., Maryland, Virginia and Florida.
Designed for real estate agents, lenders and their clients, Close It! factors in 45 closing cost variables on the buyer's side and 22 variables on the seller's side. It produces a HUD-1 Settlement Statement that users can save, edit and email as a PDF with the option to include their headshot and contact information.