Posted by JamesLee/VA on 1/7/10 7:35pm
Msg #317212

Purchase Transaction with the New HUD 1 Today

Hey All,

I performed my first closing with the new HUD 1 today. It was a purchase with a 5/1 ARM. It was actually pretty smooth. All of the terms and payments along with the explanation of when and how the interest rate could increase on the same page. Looks like it may be a PIA for the title companies, but its pretty sweet for us. Any other experiences??

Reply by Laura_V on 1/7/10 8:23pm
Msg #317214

VERY interested to hear more reports about new HUD. n/m

Reply by John Schenk on 1/7/10 9:25pm
Msg #317221

The Quicken HUD1 I had today was REV 7/95. Are the new ones only for ARMs? I looked at an example posted the other day, but this one sure wasn't a new one. I always review my docs when I print them, so if something is new I'm aware of it. Run of the mill stuff on my closing today, and it's the first I've had this year that I was able to take.

JJ

Reply by JamesLee/VA on 1/7/10 11:14pm
Msg #317235

This HUD will actually be used for all transactions. From what I am told we will only see the new HUDs if the application was taken after Jan 01 2010. The buyer was a well to do business owner with plenty of assets so the loan process took a matter of days as opposed to weeks.

Im sure we will see more in February and March.

Reply by Britt Scearce on 1/8/10 8:19am
Msg #317255

Closed my first one yesterday.....very easy, all of the loan terms are on the new HUD and it should flush out any issues about rates or terms right away at the start of the signing. Nothing to fear.