January 2010 Trusted Adviser|New Year Brings a New World of Closing Procedures -- Are You Ready?

The Trusted Adviser

January 2010 | Volume 3 - Number 1

Update from ATG Administration

New Year Brings a New World of Closing Procedures -- Are You Ready?

by Jerry T. Gorman, Senior Vice President - Downstate Operations

As we ushered in the new decade, the world for real estate lawyers and settlement service providers changed dramatically. The new RESPA rule drastically changed the way lenders and other settlement service providers disclose fees. In Illinois, Good Funds legislation, new Rules of Professional Responsibility, and a new system for preparing transfer declarations in Cook County have inspired significant changes in closing procedures.

Familiarizing yourself and your staff with all these changes is a daunting task. ATG's Guide to New Closing Procedures: Information and Training is a great resource to help you wade through the information and tackle the new decade with the knowledge and tools to succeed. This article covers the highlights.

RESPA, GOOD FUNDS LEGISLATION, AND TRANSFER DECLARATION PROCEDURAL CHANGES:

ATG Legal Education Programs
The new RESPA rule changes are significant. ATG's CLE programs are a must for ATG members. Click here for details.

ATG GFE Calculator
As part of the new RESPA rule, lenders are required to calculate title charges at the time they deliver the Good Faith Estimate (GFE). To help determine title fees early in the process, ATG has developed a GFE Calculator for transactions in the Chicago area, available for ATG agents to distribute to their lender clients so lenders can calculate title charges. Try the ATG GFE Calculator. Available on the ATG home page, it is user friendly, intuitive, and a great resource.

ATG REsource Software
Summary of Updates and Training | Working with Ramquest, the developer who brought us ATG REsource software, we have upgraded REsource to prepare the 2010 HUD-1. The 2010 HUD-1 is required for all transactions where a new GFE form (mandatory for all mortgages originated after January 1, 2010) is used. Read a brief summary of changes to ATG REsource. ATG members: Register for the complimentary OnDemand training program, RamQuest SPEED HUD 2010 Tutorial.

ATG REsource HelpDesk | In addition to all the tools listed here, we have significantly increased staffing of the ATG REsource HelpDesk to ensure that you have access to ATG staff during this transition. ATG members: Contact the HelpDesk with technical questions.

Underwriting Assistance
The new RESPA rule includes significant substantive changes in the way agents prepare HUD-1s and disclose fees. For substantive questions regarding the 2010 HUD-1, Good Funds legislation, the EZ Dec system, or the new Illinois Rules of Professional Conduct, contact the ATG Underwriting Department.

Guide to New Closing Features Available at www.atgf.com
ATG staff has assembled all of the tools and articles you need to tackle these changes in one location. View ATG's Guide to New Closing Procedures for additional information on all of the above, and more. Please contact us with any questions or concerns.

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THE TRUSTED ADVISER is published by Attorneys’ Title Guaranty Fund, Inc., P.O. Box 9136, Champaign, IL 61826-9136. Inquiries may be made directly to Mary Beth McCarthy, Corporate Communications Manager. ATG®, ATG® plus logo, are marks of Attorneys’ Title Guaranty Fund, Inc. and are registered in the U.S. Patent and Trademark Office. The contents of the The Trusted Adviser © Attorneys' Title Guaranty Fund, Inc.

[Last update: 1-22-10]