Posted by dgd/CA on 2/28/13 9:04am
Msg #458393

The proposed new HUD 1 from CFPB

I think this is wonderful. If I understand it correctly, we should be seeing this in loan packages by the end of the year.

http://blog.instituteonline.com/2012/07/10/gfetila-rules-proposed-by-cfpb-big-changes-to-disclosure-and-settlement-statement/

Just look for the blue link: Settlement Statements.

Reply by Pam/NM on 2/28/13 9:21am
Msg #458397

What a difference!

This is so much more easily understood...especially like the contact info included ON the statement! Although, if the b/o receives this in ample time, we shouldn't have to be contacting anyone--all ??'s should be resolved before we get to the table.

Reply by BobbiCT on 2/28/13 11:07am
Msg #458433

:( not that good

It will take a lot longer for the closing person to enter the data, proof read it and get it out the door.

Maybe easier for the consumer, not for the preparer and attorney, title company or signing agent at the end waiting for it.

Reply by Pam/NM on 2/28/13 11:12am
Msg #458436

I'd like to have a preparer, atty, e/o

or someone chime in on this one. I can't see that it would add significant difficulty to the process for a signing agent. After all, the consumer is the customer and the one who needs to understand the transaction they are entering into.

Reply by GOLDGIRL/CA on 2/28/13 1:14pm
Msg #458490

Re: I'd like to have a preparer, atty, e/o

I'll check it out later, but pleaze, gawd, make it letter size!! (I know, too much to hope for).