Late last week, the U.S. Department of Housing and Urban Development (HUD) released the long-awaited revisions to the Real Estate Settlement Procedures Act regulations. Among the changes are expanded Good Faith Estimate (GFE) and requirements and HUD-1 statement.
One change that would have required agents to read a script to their clients at the time of closing was scrapped in favor of a new page that compares the estimated closing costs from the the GFE to the final terms as presented on the HUD-1 Settlement Statement. HUD claims these changes will make it easier for consumers to understand the details of a real estate transaction - especially their loan terms.
For more information about the new HUD documents, please click here.
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