The New HUD-1 Settlement Statement...More confusing or did HUD finally nail this one.

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Mortgage and Lending

HUD recently released a new page on the HUD-1 Settlement Statement  http://www.hud.gov/offices/hsg/sfh/res/hud1.pdf that will allow consumers to easily compare their final loan terms and closing costs with those listed on their Good Faith Estimate. To facilitate comparison between the HUD-1 and the new Good Faith Estimate, each designated line on the final HUD-1 will now include a reference to the relevant line from the Good Faith Estimate.

I think this is pretty cool and less confusing to even the least sophisticated consumers. But hey, this is just my opinion and you are entitled to yours. So let's hear how you think the new page on the HUD-1 will affect your consumers.

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Rainer
20,242
Eric McGowan
Moody, AL

Hans, it is longer but it is giving the consumer yet one more statement telling them what their loan amount is, how much their monthly payment is, and if the payment can change. In all it is a better option than the previous version.

Dec 03, 2008 12:28 PM #1
Rainer
24,603
Keith Pound
EXIT REALTY CRUTCHER - Louisville, KY
Realtor, Auctioneer - Louisville, KY - 502-645-5950

Hans, I think this is good, it will help the consumer understand his loan costs better.

Jan 01, 2009 01:45 AM #2
Anonymous
Garry

This isn't as good as you think it is.  It will require more work for the Title Company or Real Estate Attorney which means more cost to the consumer.  Good faith estimates are exactly what the name implies and costs can differ at the closing table.  I see it causing nothing but problems and complicating the process.  It is not the closing agent's responsibility to explain a good faith estimate or why there might be differences.  Also, closing agents generally don't receive good faith estimates so there ultimately will be a delay in processing if the lender doesn't get that information to the closing agent.  Oh yeah, and there's no place for anyone to sign the new HUD-1.

Jan 23, 2009 01:26 AM #3
Anonymous
Tina

I was wondering where the involved parties were supposed to sign, also.

Feb 10, 2009 02:25 AM #4
Anonymous
anne

For fillable HUD 1 forms or any tax form you need, you may visit this website http://goo.gl/1xs0Bq
Download, edit, print, save, sign, email or even fax your tax form online.I know the software is free if you invite a couple of friends to try it out as well using this link goo.gl/oQvpJF

Jul 14, 2014 04:08 AM #5
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Rainer
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Hans Iduma

Certified Mortgage Planning Specialist
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