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PA InheriTax Release Files/Notes

The Pennsylvania Supreme Court published new Register of Wills forms (#06-10) and Orphans’ Court forms (#01-06) on August 9, 2016 (the first such revisions in 10 years). These forms are required for all filings submitted on or after September 1, 2016. This requirement is apparently being strictly enforced (two Status Reports using the old form were rejected today for firms that had not installed the update).

The Estate Administration Sheet (RW-01), Petition for Grant of Letters (RW-02, Rev. 10/11/2011), and three Oaths of Witnesses (RW-03, -04, and -05) were *not* revised during this cycle.

Update 2016-247 is our third release of these revised Probate Forms during the past 12 days. Although some customers did download our earlier releases (8/26/2016 and 9/2/2016), we did not announce them because we knew that the extensive changes required more testing.

The revisions affected 11 forms with a total of 51 pages (of which 49 pages had changes other than the 09.01.16 effective date).

These changes included:

50 new sections
41 new paragraph numbers or letters
117 places with new wording
9 new yes/no boxes
4 new “N/A” boxes
——
221 total changes

We have also added two new features:

1) Zoom: On the Options screen (button on lower left corner), you will see a series of zoom settings (lower right corner) so that you can set your display to a comfortable size for the resolution of your current monitor.

2) Draft: On the Preview screen, a checkbox in the upper left corner will allow you display “Draft” and the current time and date on each page of the PA-1500 and Inventory.

The Pennsylvania Supreme Court published new Register of Wills forms (#06-10) and Orphans’ Court forms (#01-06) on August 9, 2016 (the first such revisions in 10 years). These forms are required for all filings submitted on or after September 1, 2016. This requirement is apparently being strictly enforced (two Status Reports using the old form were rejected today for firms that had not installed the update).

The Estate Administration Sheet (RW-01), Petition for Grant of Letters (RW-02, Rev. 10/11/2011), and three Oaths of Witnesses (RW-03, -04, and -05) were *not* revised during this cycle.

Update 2016-247 is our third release of these revised Probate Forms during the past 12 days. Although some customers did download our earlier releases (8/26/2016 and 9/2/2016), we did not announce them because we knew that the extensive changes required more testing.

The revisions affected 11 forms with a total of 51 pages (of which 49 pages had changes other than the 09.01.16 effective date).

These changes included:

50 new sections
41 new paragraph numbers or letters
117 places with new wording
9 new yes/no boxes
4 new “N/A” boxes
——
221 total changes

We have also added two new features:

1) Zoom: On the Options screen (button on lower left corner), you will see a series of zoom settings (lower right corner) so that you can set your display to a comfortable size for the resolution of your current monitor.

2) Draft: On the Preview screen, a checkbox in the upper left corner will allow you display “Draft” and the current time and date on each page of the PA-1500 and Inventory.

09/23/2015 (12:35 pm): Several users this morning expressed interest in continuing to use the HUD-1 for closings (including cash-only transactions) that do not require the new Closing Disclosure form. We will not be removing the HUD-1 from the InheriTax package, so you will able to continue using it in its current format without interruption.

09/22/2015 (10:00 pm)

Message for All HUD-1 Users

As many of you know, we have supported HUD-1 software since 1984. Shortly after releasing the Windows version of our PA InheriTax software in 2000, we added HUD-1 software as a complimentary addition to the InheriTax package. Users at many law firms found this to be a useful pair of applications for their practices. Some continued to use only the InheriTax portion, and others used only the HUD-1 portion.

During the past three weeks, we took a hard look at the Closing Disclosure regulations, final rule, etc., that will replace the HUD-1 for most closings starting in October. We discussed the procedures with both a local title company and the Consumer Finance Protection Bureau (which replied to our e-mail of 9/1/2015 with a helpful phone call on the evening of 9/8/2015). We even programmed most of pages 2 and 3 of the new form.

We discovered, however, that the forms alone have expanded from the three-page HUD-1 settlement statement to 30 or 40 potential new pages (variations of the five-page Closing Disclosure, ALTA settlement statement, etc.). There is also an electronic data transfer system (Closing Insight from RealEC, or its equivalent) that some banks are going to require. Thus, what used to be a relatively simple form has evolved into an entire and somewhat complex “ecosystem”.

In additional to the Closing Disclosure (which is the replacement for the HUD-1, where applicable) there is a new Loan Estimate form that mirrors the Closing Disclosure. This form will typically be completed by the lender, and will serve as the source for most information required by the Closing Disclosure. This is where “Closing Insight” (or its equivalent) comes into play, to provide a way to transfer this data electronically.

The 2010 version of the HUD-1 will continue to be required for certain federally related consumer loans (reverse mortgages, home equity lines of credit, and mobile home loans). Most other closed-end consumer mortgages, however, will require the use of the new Closing Disclosure form for all loan applications submitted on or after October 3, 2015.

As a result, we have decided not to develop a Closing Disclosure solution. We will, however, continue to support our existing HUD-1 software through 12/31/2015.

To help you make a prompt and smooth transition, we have conducted significant research on the subject on your behalf. Here are our findings:

1) YouTube video (“Closings With New Closing Disclosure Forms” by EasySoft, 26 minutes):http://youtu.be/aJyUenl7AqA.

You might want to make this the first step that you take. It provides an excellent overview of the new procedures.

2) We have identified four (4) companies that offer solutions for both the existing HUD-1 and the new Closing Disclosure (with company starting year noted in parentheses):

(a) EasySoft (1985): www.easysoft-usa.com

(b) TitleExpress/TSS (1993): http://www.iwanttss.com/Solutions/TitleExpress

(c) SoftPro (1985): http://www.softprocorp.com/

(d) Ramquest (1991): http://ramquest.com/

All four companies offer both desktop and cloud versions of the software. Last October, three of us attended the Clio (Legal Software) Cloud Conference, and became firmly convinced that the cloud is the way go. If you aren’t using any cloud software yet, this would be a great opportunity to put your toe in this inexorable water.

Of the above companies, EasySoft appears to offer the simplest path and serves the law firm market almost exclusively. Its EasyRealEstateSuite includes the Closing Disclosure, HUD, and Amortization. The desktop version costs $600 per year, and the cloud version $720 per year (billed annually). It provides two versions of the Closing Disclosure: Buyer/Seller (combined) and Seller Only. It does not currently offer a Buyer/Borrower-Only version, but would entertain adding it based upon market interest.

Two weeks ago we downloaded and installed the EasyCDF and EasyHUD software in minutes, and found it extremely easy to use. The free trial provides you with full functionality, and simply prints a “Demo” watermark on all pages until you pay for and obtain your license. You could install the desktop version this way, play with it for a couple of days, then contact the company to get set up on the cloud version (with about a 24-hour turnaround time for setup and configuration). EasySoft has offered to provide a discount to our customers who choose to go with its solution.

The other companies cost anywhere from $1,000 to $2,500 (including setup, configuration, and training fees). SoftPro and Ramquest appear to provide the most comprehensive solutions. The additional functionality may or may not be important to our existing HUD-1 customers. At least two of the four (not including EasySoft) include the ALTA Settlement Statements (see below). It is our understanding, however, that these are typically prepared by the lender rather than by the law firm settlement agent.

3) Comprehensive packet of annotated and sample forms (128 pages):http://www.invtitle.com/docs/cfpb/TRIDForms.pdf

The second page of this packet includes a superb “Loan Estimate and Closing Disclosure Time Chart”.

4) 21 Questions for Software Providers That Attorneys Typically Miss (1 page):http://pennattorneys.com/assets/pennattorneys/uploads/asset-upload-file5…

5) 21 Questions for TILA-RESPA Software Providers (4 pages of answers to above questions):http://www.easysoft-usa.com/pdf/21_Questions_for_TILA-RESPA_Software_Pro…

6) TILA-RESPA Integrated Disclosure rule implementation (Consumer Finance Protection Bureau):http://www.consumerfinance.gov/regulatory-implementation/tila-respa/#dis…

Comprehensive (and official) set of links from the CFPB.

7) ALTA Settlement Statements: http://www.alta.org/cfpb/documents.cfm

These are downloadable Excel spreadsheets with all applicable variations of settlement statements to be used for cash reconciliation, etc.

8 ) Final Rule; Official Interpretation (1,888 pages):http://files.consumerfinance.gov/f/201311_cfpb_final-rule_integrated-mor…

Yes, 1,888 pages. We reviewed many of these pages, but have not read every word.

9) Amendments to the Final Rule; Delay of Effective Date (40 pages):http://files.consumerfinance.gov/f/201507_cfpb_2013-integrated-mortgage-…

10) Loan Estimate Regulations (with Official Interpretations):http://www.consumerfinance.gov/eregulations/1026-37/2014-25503_20150801#…

11) Closing Disclosure Regulations (with Official Interpretations):http://www.consumerfinance.gov/eregulations/1026-38/2014-25503_20150801#…

Important note: there are some things about the Closing Disclosure form that its regulations (1026-38) do not seem to cover. This includes the question of whether the items that are preprinted on the blank Closing Disclosure should always appear (even if the value is blank), and whether they should remain in their original positions or be sorted with other items that are added to their sections (in accordance with the rules on alphabetizing). It turns out that this question is answered in the Loan Estimate regulations and incorporated in the Closing Disclosure regulations only by reference. The answer is that they should always appear (even if the value is blank), and that they should retain their original positions and not be sorted with other items that are added. This is a point that was easily overlooked, but one that we were able to verify during our call with the CFPB.

02/27/2015 (2:55 pm): PA InheriTax (2015-057 for Windows and Mac) is available for immediate download. Please close InheriTax before you run this upgrade.

On Windows, you may need Administrative Privileges (and possibly a corresponding password) to complete this update.

Also, make sure that the bottom of Pages 1 and 2 of the PA-1500 display a barcode rather than a series of large-font numbers. During installation of your upgrade, the required Code 39E barcode should be installed automatically. If not, please contact technical support.

On the Mac, please be sure to install two fonts contained in the mac_pa1500_fonts.zip file. After you download them, unzip the file, then double-click on each file to install each font.

02/19/2015 (2:55 pm): PA InheriTax (for Windows) is available for immediate download. Please close InheriTax before you run this upgrade.

02/14/2015 (11:00 pm): PA InheriTax (for Mac) is available for immediate download. Please close InheriTax, unzip this file into your working directory, then relaunch InheriTax to complete the upgrade.

02/14/2015 (11:00 pm): We are doing final testing on PA InheriTax (for Windows). We now expect to post the update during the week of February 16, 2015.

01/29/2015 (1:40 pm): A PA InheriTax update is expected to be posted on our website on late Monday, 2/2/2015. This will include changes made to Pages 1-2 released by the PA Department of Revenue on 12/17/2014, as well as new Schedules AU (Agricultural Use Exemption) and C-SB (Small Business Exemption). In the meanwhile, the existing version of the PA-1500 is acceptable at all Registers of Wills throughout Pennsylvania.

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