«

»

Nov
30

Use the HUD-1 pages for Commercial Transactions!

The form most often used in closing transactions is the HUD-1 form, using either the pre-2009 HUD-1 or the HUD-1 for GFE transactions with the additional third page. This instantly recognizable form was picked as the Landtech XML interface because everyone involved in the business end of a closing transaction knows this form and they understand how it works. This lets Landtech perform the necessary calculations, lease prorations, rent prorations and any other automated closing features  to ensure accuracy and recall of file information input though the HUD-1. This also allows Landtech to instantly refresh and display the results whever you make a change. No HUD-1 Viewer necessary! There are many choices in designing software for a specific industry and the HUD-1 form selection is an important one. There were over 30 variations that were part of the choices for a HUD form that Landtech could print. Wyatt Bell picked this particular HUD form for the original Landtech for DOS because it was the form that the American Bankers’ Association picked when the HUD forms were introduced, and in common use. So, in the development of Landtech for Windows and now Landtech XML,  the choice of the HUD-1 pages as an interface was a no-brainer. While it took a lot of development and programming time by the Landtech programmers, Landtech for Windows version 1.0 was introduced in 1997 as a 16 bit system with an editable HUD-1 interface. Version 2.0, the 32-bit version of Landtech for Windows, was introduced in 1998.

From the HUD-1 interface, you can add, edit or examine the other parts of the transaction such as the Legal Description, Requirements or Exceptions and you can add, edit or review any conversational Notes on the file from icons on the Landtech XML toolbar. Also, directly from the HUD-1 entry pages you can also print all conveyance and title documents, disburse the file, report 1099S transactions, reconcile your trust accounts, generate a multitude of reports and many other functions. Landtech also has 80 User-defined prompts, which are fields that you can put any information you like and have it flow to your documents and reports. Some customers use these for file information such as deed and mortgage/deed of trust recording dates, books and pages so it’s part of the Landtech file and inserts itself into the proper document locations without any additional user action. The possibilities are unlimited.

There is an interesting aside about using the HUD-1 as an interface that I didn’t realize until recently. An attorney who uses Landtech called me and asked about using Landtech for commercial transactions. I explained to him that if they used Landtech as an input source, then the export to any functions, particularly custom documents is automatic. It took a bit of explaining, but the actual problem was this: using the HUD-1 form as a user interface is great because of the ease of understanding and the way that you see any date or money changes instantly, but some people think that the form you are working on is the only one that you can print. That’s a very legitimate thought because many Windows programs, particularly word processors like Word and WordPerfect are like that. Landtech, however,  lets you print any form that you want fully merged once the data is put into Landtech, so think of the on-screen HUD-1 forms as easy data entry screens. Put the information in once and only once and use that input for complete closing production for Residential or Commercial transactions. Contact us if you would like more information, please.