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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.

Comments(2)

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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
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