Stewart Title Company released the new HUD-1 in its AIM title and escrow production system on July 1, 2009. Many title and escrow offices rely on AIM to process their transactions and produce the documents signed at closing. It automates the preparation of the HUD-1, closing documents and handles disbursement of funds during the real estate transaction process.

“We are pleased to lead the way with the new HUD-1 in our AIM title and escrow production system,” said Stewart Morris, Jr., the president of Stewart Title and chairman of PropertyInfo Corporation. “AIM is our production system and vital to our title and escrow operations. It is the workhorse that generates documents signed at closing. The new RESPA rule incorporates significant changes to the HUD-1 forms required by HUD beginning January 1, 2010. 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.”

The new RESPA rule requires the new HUD-1 to be used in conjunction with the new GFE. Lenders can begin using the new GFE at anytime, but it is a requirement to begin using it January 1, 2010.

“Having our systems ready now gives our offices the advantage of having the tools and training needed to serve our customers as we get closer to January 1, 2010,” Morris added. “Stewart’s legal counsel and software trainers are hosting webinars to educate our agents on how to use the new HUD-1 and to be in compliance with the new regulations. It is important for our agencies to prepare today, so they can process escrow orders that require the new HUD-1.”

During the transition period, some lenders may issue the new GFE now while others may wait until January, noted Malcolm Morris, the chairman and co-chief-executive-officer for Stewart Information Services.

“Title and escrow agencies need to be able to respond and provide the current HUD-1 and the new HUD-1 during this transition," he added. "Stewart has the tools they need to produce both forms to be in compliance.”

PropertyInfo Corporation develops, supports, and distributes the AIM software solution. Its president and chief-executive-officer, Patrick Vaden, said that preparedness, expediency and a laser focus on meeting and exceeding his company's customers’ expectations have pushed it to deliver the new HUD-1 well in advance of 2010.

“We cannot wait until lenders are issuing the new GFE, we must act now," Vaden added. "As lenders start sending orders with the new GFE, our AIM customers will be ready to prepare the new HUD-1.”