A new Closing Statement, and Landtech is ready!

At the annual convention of the Dixie Land Title Association in New Orleans on September 12, 2014 , two employees, one from SoftPro software (owned by Fidelity National Title) and one from Ramquest software (partially owned by Old Republic National Title) gave a joint presentation on the new CFPB Closing Disclosure form due to be released in 2015.

Promoting scare theories, they put forth the opinion that because the the Line numbers such as those on the current HUD form are going to disappear, and because “99.9% of all closing software depends on those Line numbers for their documents”, all merge forms would have to be re-programmed to conform to the new data set. They then continued to misinform the attendees that this supposed document conversion would be a long and possibly expensive undertaking.

That must be one huge closing software group they are referring to, because Landtech, with over 4,000 customers in more than 40 states is not dependent on the HUD Line numbers and no Landtech documents have to be reprogrammed to meet the new CFPB forms, so according to these two ladies, Landtech must be in the remaining .1% percent of software developers, or, to extrapolate from that, the .1% of software developers got their programming right and 99.9% got it wrong. What of the customers of the 99.9% of software the employees refererred to, do they know that the merge documents they currently have will be unusable in a year when the CFPB form is released? Do they know that they will have to obtain new replacement documents from the software developer in less than one year from now at a considerable cost?