Does anyone understand this new HUD?!?
With all of the changes prompted by the recent selection of the banking industry as the “political whipping boy”, one is left star-struck and confused as to what these changes mean-and, how to deal with them. Add in the new HUD form and you have a recipe for assured confusion which will drive anyone to destroy electronic items of high value. Let me see if I can sum this up…This is a work in progress. No one Lender has it “totally correct”.
Most of the problems are stemming from the initial disclosure on the GFE. If the Mortgage Broker/Lender correctly discloses the information, the closing is a snap. It’s when they forget to include fees or decide that your hard work is worth a 1/3 of your already ridiculously low fee that it becomes an issue! (That was for the Escrow Officer’s out there J ). My guess would be that we should start to see considerable uniformity within the next 6 months. Hang in there until that time. For more on the New HUD and Respa laws, click the following link.