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Do I Really Need Real Estate Closing Software?

By Ivon Lerdorf Subscribe to RSS | January 10th 2012 | Views:
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What is My Staff For?

Sophistication in computer technology and development of high quality of software is no guarantee that there will not be bugs in the software or missing features. This happens in real estate closing software as much as it happens in other fields because software developers are not settlement agents or attorneys in real estate. Despite this we have some remarkable real estate closing software that virtually incorporate everything a settlement agent does manually in relation to a real estate closing. Most commonly, the HUD software or real estate closing software handles routines that we do manually in such transactions. These include:

•An easy to understand, user-friendly, intuitive interface

•Enter key data at one point and then populate HUD settlement statement and HUD-1 Forms through this HUD-1 software

•Corrections at one point automatically update all forms and documents already generated

•Add new real estate closing forms or customize forms

•Assemble all documents in one location for printing or revision in Word or PDF format

•Generates a general lender statement showing gross loan, lender deductions and amount disbursed

•Calculates property transfer taxes, pay off information and generates GFE-HUD comparison sheet

•Network ready so different people can work on various aspects and then compile all documents in a central location

•Print out closing balance statements and checks

•Generate 1099-S substitute and exemption forms and lien release tracking

•A summary transaction sheet

•Full compliance to 2010 RESPA Final Rule including HUD Forms, GFE-HUD comparison sheets, HUD-1A settlement and smart itemization and all costs related to the transaction

•Support from vendor with constant updates

Given all these benefits it would be hard to understand why anyone professionally engaged in real estate business would want to overlook this real estate software. However, established practices and habits are difficult to break and it takes quite some time for people to wet their feet in new technologies. Old and established real estate business owners have a number of people handling all these aspects of the property deals since years and from their view point, everything is working smoothly.

Take a typical established settlement agent running his business the conventional way. He has staff preparing documents manually and tracking each aspect using human labour. Show him a demo of this practical and indispensable HUD-1 software and chances are that he will be impressed. Equally, he might well respond by saying: “Do I really need this real estate software? What is my staff for?” It is only when he realizes that productivity increases, he can handle more clients and increase his business using his existing staff for more profitable tasks that he might be convinced to give this HUD settlement statement and real estate software a go. But once he does, he is sure to find it indispensable.

Ivon Lerdorf - About Author:
HUD 1 settlement statement software offer hud forms, hud 1 closing and hud-1 software for all types of real estate transactions.

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