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Say good-bye to the HUD-1 Settlement Statement
This was news to me and I admit that when I first read the title of Todd's post my initial reaction was "Not Again".  After glancing over a copy of what appears to be the new HUD, maybe it's not all bad.  The new HUD does seem to be clear in it's new incarnation, but I would need to pour over it a little more.  If you have any comments why not stop by Todd's post and express your thoughts.
The Consumer Financial Protection Bureau (CFPB), by mandate under Dodd-Frank, will soon change our world once again. 
Just barely two years since the title and mortgage industry was turned upside-down with regulatory changes to the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedure Act (RESPA), the CFPB will be releasing its proposed forms and regulations next month to replace the HUD-1 Settlement Statement, Good Faith Estimate, and Truth-in-Lending Disclosure. 
These new forms will be known as the Loan Estimate and Settlement Disclosure Form.
On its snazzy website, CFPB states that the current 3-page HUD-1 settlement statement is replete with "... Technical and legal jargon ... that may be more confusing than helpful. Complicated and lengthy disclosures can make it hard to answer or even ask the right questions."
... more

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