>>> If I'm not mistaken the borrower's will have to have the HUD 1 day prior to closing starting 1/1/10 due to the new HUD rules. <<<
There is no change to the existing rule (that I'm aware of) concerning the furnishing of the HUD 1 day prior to closing. As the rule currently stands, the HUD needs to be provided only if requested at least one day prior to closing. With refinances that have a rescission period, the closing isn't until the day after the expiration of the rescission period. So there's nothing new in that regard from what we've seen in the past decade.
However, the new rules do require more accurate GFE's and that they are to be provided to the borrower after three days of the application and then on a schedule depending on changes to costs and fees. Further, the new HUD-1 and 1a will need to be used that shows the comparison with and where to look on the GFE.
So, it boils down to the borrower having a GFE that should look like the HUD they see at the signing, but doesn't remove the issue of 'no HUD at signing' for escrow funding states. |
