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Did you hear there is going to be a new HUD-1 settlement statement in 2012? When, you ask? Well, no one knows exactly. Fun, right?
This is what the Ohio Land Title Association has to say about it. There are two versions so far – and presumably many more to come – created by the Consumer Financial Protection Bureau (CFPB). These versions combine the TIL (truth in lending) disclosures and the HUD-1 with the intention of helping consumers better understand the differences between their estimated and final loan terms and settlement costs.
If you would like to have a look for yourself, click on either link below.
Click here for Hemlock Version
Click here for Butternut Version
Remember, this is only in the preliminary planning stages. With no end use date yet in sight. But currently, the CFPB is asking for feedback from the title industry.
I thought it might be interesting to get your ideas on it, too. Some of the feedback they are particularly interested in receiving is about ease of finding key loan terms, ability to identify any changes to loan term or costs, and if enough information is available to feel comfortable closing on the the loan. They also want to know about how we feel about the setup. Do we like the way the forms deal with the line numbers, and do we prefer these forms to the current HUD-1 and why?
So, in the interest of transparency and open communication, I welcome your thoughts and ideas.
Have a wonderful day,
Charlie Johnson
