HUD-1 Statement: Instantly Share Confidential Forms with Clients

Depending on the state in which you’re buying or selling real estate, and the specifics of your transaction, there are many different real estate documents involved in a real estate closing. From loan estimates that help borrowers understand the full cost of their loan, to Closing Disclosures that let borrowers know how much they need to bring to the table, there are dozens of documents. Arguably, none are as essential to both parties as the HUD-1 Settlement Statement.

The HUD-1 Settlement Statement offers an itemized list of all charges that will be paid during the closing. At the bottom of the form, the borrower and seller can see exact totals that show the seller’s net proceeds from the real estate transaction and the buyer’s total payment due at closing.

It contains a wealth of information about taxes, fees, and more—including a Good Faith Estimate, also called the GFE. These figures are initially given when a borrower applies for a loan and they give specific estimates provided by the lender to show the buyer what fees they’ll be responsible for. The borrower can inspect the HUD-1 one day before settlement to ensure it’s accurate and to inquire about any changes from the GFE.

It’s essential that borrowers have their realtor provide their HUD-1 at least one day in advance—which is required by law—and that the realtor gives borrowers a chance to ask questions about anything that seems off to the borrower.

Securely Storing HUD-1 Statements and Other Real Estate Documents

Storing these real estate documents involves a complex balance of ensuring total confidentially and security, yet allowing the documents to be easily accessed. Take the HUD-1 for example—the borrower may only have 24 hours to review it, compare it to the documents they’ve received previously, and sign off on it before their closing. They need instant access to it, and their realtor will need to pull it up at often inconvenient times and with short or no notice.

Once the closing is complete and all parties move on with their lives, it may seem as easy as destroying the HUD-1 Settlement Statement for seller, but in fact it’s not that simple. Years can go by, the buyer or seller may have a question about taxes, the transaction, or another issue, and may end up on a search trying to figure out where to find their 3-year-old HUD-1.

Document Management Is the Answer to Complicated Document Storage Issues

In recent decades document management options have gotten better year after year. Today’s advanced options allow realtors to securely keep all closing documents indefinitely and to access them at any time they need to. eFileCabinet in particular is a leader in this industry and has provided cutting-edge options for everyone in the real estate industry.

eFileCabinet’s Secure Portal has Immense Capabilities

Those in the fast-paced real estate industry can use eFileCabinet’s own secure portal, called SecureDrawer, to save and share HUD-1 Statements instantly—from anywhere with web access. eFileCabinet offers mobile options that allow you to access your documents from any device that has internet access—mobile phones, computers, and even tablets. It’s as simple as finding the document you need, pressing a few buttons, and instantly sharing the information with your client.

Could it Get Even Easier? Yes—It Already Has

The convenience of sharing real estate documents doesn’t end there. There’s no question that sharing items via small screens on tablets and cell phones can seem challenging. Finding the right file out of thousands of files can be daunting. The good news is that eFileCabinet has solved these and many other problems; by creating apps specific to each type of mobile device, they always fit your screen perfectly and allow for fast, easy use.

The innovative search function allows you to search not just the folders you’ve set up, but the words within the documents you’ve saved. For example, let’s say you’ve uploaded a HUD-1 Statement for a seller but don’t remember what folder you saved it in. You didn’t name it by the property or the buyer/seller’s name. You don’t know where you put it! All you have to do is use eFileCabinet’s app to search anything you know is within that HUD–it could be the address, the names of the parties, anything–and you’ll get the results you’re looking for.

eFileCabinet saves real estate professionals time by letting them get the documents they need anywhere—without dashing back to the office—as well as  saving space by ending the need for boxes and boxes of files, and they help realtors save money by providing secure, safe, totally confidential storage. If your company wants to find the safest, most cost-effective and versatile way in which to achieve maximum mobility, then fill out the form now to learn more about eFileCabinet.

By | 2016-12-15T11:59:38+00:00 October 20th, 2015|
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