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
This time of year is so full of traditions everywhere you look. Whether they are religious or long time family traditions, we gain comfort and security from the mere continuity of them.
But as we all know, times change. I remember when a person’s handshake was as good as gold. And I miss that tradition of knowing that you could always take a person at their word. So instead of disappointment, I chose to focus on being the change I want to see. (Someone very famous said that, I can’t take credit for it.) I am a person who likes to look in the mirror and see the image of someone who always keeps their word. I sleep better at night. And I hope that helps those around me to catch some solid sleep, too. I’m just continuing a tradition that is near and dear to my heart.
Just as traditions can be longstanding, new ones can also be thrown into the mix (how else can fruitcake be explained??) We are proud to begin a new tradition in 2012. With your help, we are going to begin supporting a fantastic organization called Josh Cares. Check out their website, www.joshcares.org. Child life specialists spend time with the sickest children who, for one reason or another, don’t have families able to be with them all the time. (Their website explains it much better than I do.) For each client who closes with us, we will be donating a ½ hour of time to Josh Cares. So for a buyer and a seller, we will donate an entire hour of time that a child doesn’t have to sit alone and scared.
We know that we can’t do this without you. Our company, thanks to you, has grown 40% (yes – you’re reading that right) since this time last year – and this year isn’t even over yet! Think now, with us serving you, how much more we can be of service to others. I can definitely get on board with that tradition.
So, I would like to offer my sincerest appreciation for the opportunity to do business with each and every one of you. I hope that you enjoy your traditions, even if its fruitcake, and have a safe, healthy and joyous new year to come.
Merriest of holidays,
Charlie Johnson
December 23, 2011
The goal here is to provide important inside title industry information here and on our website that will give you the insight and power to make the best choices for you and your family. So thank you for coming.
Let me start by telling you who I am and why I’m here. My name is Charlie Johnson. I was born and raised here in Cincinnati, OH, and along the way I’ve been fortunate enough to have been both a buyer and “refinancer.” So, if you are here because you are thinking of buying or refinancing your home, (and I’m guessing that you are) then you can count on the fact that I’ve been in your shoes. I have also spent 14 years as a Cincinnati real estate agent, so to any agents reading this – I’ve been in your shoes too. Which allows me a very distinct advantage of knowing what the snags are sometimes in the buying/refinancing process. Read more…
