Boulder, CO, June 3, 2014: Adeptive has been making modifications to ResWare™ in response to the changes handed down by the Consumer Financial Protection Bureau.
ResWare, powered by Adeptive, has been making changes to the existing platform that will combine the three page HUD-1 and final two-page TIL to create the new Closing Disclosure form. The Closing Disclosure will be provided by either the lender or the lender and settlement agent. Per the ruling, the consumer must receive this Closing Disclosure three business days before closing. Some of the Closing Disclosure Requirements include line number changes, line terminology, and the alphabetizing of fees. There are specific rules around the Three Day Closing Disclosure Rule as well.
“The Adeptive staff have been attending many calls and webinars put on by various groups, including CFPB and MISMO. We continue to educate ourselves so that we can both, build a superior product and better educate our customers,” states Bryan Buus, President of Adeptive.
The goal is to have the Closing Disclosure released and tested in early 2015 so admins will have ample time to roll-out and train their associates and eventually their customers on the forms. There will not be any additional costs associated with this release nor will any additional software or hardware be needed. If you have any questions, please contact firstname.lastname@example.org.