Vendor Touts Updates in Compliance with Pending RESPA Change

Columbia, S.C.-based origination vendor Avista Solutions said it has updated its Avista Agile suite of products such that it is compliant with the changes to the Real Estate Settlement Procedures Act that go into effect on Jan. 1, 2010. The updates are available for retail, wholesale or correspondent lending channels. At the heart of the RESPA change is the consumer concern that the initial transaction outlined in the Good Faith Estimate can change by the time the loan is closed, with unexpected fees showing up on the HUD-1 Settlement Statement. The new rules require that the documents be consistent, and if there are changes, they be supported by specific documented changes in the circumstances of the loan. Avista Solutions provides side-by-side comparison screens for users to check for variances between the GFE and HUD-1. All changes of circumstance can be tracked and are available for review.