American Land Title Association Releases Update
to RESPA-Compliant Uniform Instructions to Aid
Use of New Mortgage Documents
July 14, 2010 12:03 PM Eastern Daylight Time
WASHINGTON--(EON: Enhanced Online News)--The American Land Title Association (ALTA) announced it
has updated its uniform set of instructions to help facilitate the handling of new settlement documents that became
mandatory Jan. 1, 2010 due to changes to the Real Estate Settlement Procedures Act (RESPA).
The Uniform Supplemental HUD-1/1A Instructions are now available in an editable PDF file format and facilitates
the transfer of information from lenders to settlement agents in order to create an accurate, compliant HUD-1/1A.
“By including this information in a standardized format that can be keyed in directly from a computer, ALTA's
Uniform Supplemental HUD-1/1A Instructions greatly reduce the burden on lenders and settlement agents related to
preparation and approval of final HUD-1/1A documents,” said Mark Winter, president of ALTA. “Lenders and
settlement agents who seek a more efficient and compliant closing and funding process will adopt this form.”
On Jan. 1, 2010, HUD began requiring lenders and mortgage brokers provide consumers with a standard Good
Faith Estimate (GFE) that discloses key loan terms and closing costs. Closing agents are required to provide
borrowers a new HUD-1 Settlement Statement that compares consumers' final and estimated costs.
Adopting a standardized format for transmitting the information from the loan originator to the settlement agent that is
necessary for the completion of the HUD-1 will benefit all of the participants in the settlement process by improving
the efficiencies and accuracy of the finished product.
“Uniformity benefits the loan originator, settlement agent and consumer by reducing the incidence of errors, thereby
eliminating problems at and after the settlement as well as speeding up the settlement process,” Winter said. “This
supplemental document in its updated for