Automating HUD-1 Preparation
A premier provider in the title insurance and real estate settlement services industry that employs more than 500 personnel nationwide.
The recovery of the real estate market had generated a sudden spike in closing rates. As a result, our client experienced a substantial increase in the time and effort required for data entry during the preparation of HUD-1 forms, which contain many different sections and lines. Users had to go through lenders’ closing instruction files and enter this data manually. Users were also required to calculate and verify each of the various fees associated with the closing process before entering them into the HUD-1. In their existing environment, processing HUD-1 forms took between 30 and 55 minutes; our client’s capacity to serve their nationwide customer base was quickly outstripped by the sudden increase in workload.
Our client needed a way to accelerate the settlement process that did not compromise data integrity. To accomplish this, an automated solution was required that would eliminate manual fee calculation and data entry, allowing for quicker HUD-1 processing.
The Auto HUD module of AtClose automates the tedious task of preparing HUD-1 forms.
Thanks to its cloud-based design, our client was able to seamlessly integrate AtClose with its existing platforms. Once ensconced within their production environment, AtClose allowed our client to easily streamline their closing process as it adapted the lender’s closing instructions. The solution’s Auto HUD module calculated fees easily and accurately, generating a RESPA-compliant HUD-1 settlement document that incorporated data from the Good Faith Estimate.
Since many of our client’s closings involved multiple buyer and seller names, the Auto HUD module was configured to support this option. They also benefitted greatly from this module’s auto-email functionality, which lets users instantly email statements to other personnel working on a particular closing. This feature helped users across multiple locations to collaborate more easily, and drastically reduced the time it took to close a file. This new HUD-1 preparation process also allowed users to make important amendments, such as adding extra lines that a particular file might require.
Using AtClose, our client experienced remarkable gains in productivity. Users could now generate HUD-1 forms automatically, and within minutes. AtClose offered them an efficient and flexible option to fit its closing needs.