SoftPro Select 4.0.0 (4.0.30302.9) - 3/9/2015 - Part 1 of 9
- The application now supports the complete Closing Disclosure form (CDF) as required by the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) final rule, effective October 3, 2015.
- When creating a new order, the user will be prompted to choose the settlement type: HUD-1 or Closing Disclosure. The Escrow/Closing screen group in the order will show the appropriate screens based on this selection. HUD-1 orders will display the same HUD screens as in prior versions of Select. The new CDF data entry screens appear only in CDF orders.
- The Default ReadyDocs tree has been updated with all versions of the CDF as well as settlement statements and other supporting documents. These documents are found under the Escrow & Closing folder. The current HUD-1 documents are still available and have not changed.
- The Register will generate pending receipts and disbursements from the CDF just as it does from the HUD-1.
- The Title Insurance Premiums screen has new options for calculating simultaneous issue premiums as required by the final rule.
- Fees sent from title screens will automatically add the text “Title –” as required by the final rule. You do not need to update templates or lookup table entries to support this.
- Fees will automatically sort alphabetically on CDF Page 2 when you save the order.
Several configuration changes are recommended prior to 10/3/15:
- Create new templates for CDF orders and update your profiles to indicate your default templates for CDF orders. You can copy existing HUD templates into new CDF templates, which will populate all non-HUD data from the original template. Users can also apply HUD templates directly into CDF orders. In your CDF templates, set the Title – CDF section defaults on the Options screen. These options are recommended over alternate methods such as including CDF lines in title lookup tables.
- Update the policy manager for all simultaneous issue policies to select the Full Loan Premium rate table.
- Ensure that custom documents and reports that reflect HUD data are updated, if appropriate, for CDF orders.
- Add License ID/NMLS License ID fields and data to the contact lookup tables for lenders, mortgage brokers, real estate brokers, settlement agent, title company, and escrow company, along with their contact people. This data is displayed on page 5 of the CDF.
- Review your workflow configuration to determine if changes are needed.
- Update custom document trees if you would prefer to print CDFs and settlement statements from your custom tree rather than the SoftPro default tree.
- On or around 10/3/15, change the Default settlement type preference on your profiles from HUD-1 to Closing Disclosure.
- If these configuration changes are not made prior to 10/3/15, the CDF can still be produced for any order but will require additional manual data entry.
- No configuration changes are required for recording fees, transfer taxes, endorsements, or additional title charges.
- There is no need to update MyScreens with this release; the upgrade will handle this automatically. CDF screens are automatically added to My Screens for CDF orders where HUD screens used to reside. With CDF orders, Select will automatically hide HUD screens and show the new CDF screens in their place.
- The new minimum recommended resolution for Select users is 1366x768.
- SQL Server 2005 and Windows XP are still supported for this version, but support will be dropped with the next release (v4.1).