Bay Docs announced that its reverse mortgage documents are compliant with the new Real Estate Settlement Procedures Act (RESPA) requirements.
As of January 1, 2010, the US Department of Housing and Urban Development is requiring that lenders and mortgage brokers provide their clients with an updated Good Faith Estimate and HUD-1 Settlement Statement.
“My team and I have been working hard to ensure that our delivery of the new GFE/HUD documents are complete and can work with any and all of our LOS partners, such as IBIS, and with our Bay Docs’ website,” said Megen Lawler, President of BayDocs.
“We have completed and fully tested the documents and am confident to report that we are ready to move into 2010 fully compliant with the new regulations”.
According to the press release, Bay Docs will continue to work with its partners to ensure they are receiving the best product and help guide them through this transitional period.