HUD-1 Form Will Disappear on Oct. 3

Filed in Homeownership, Housing Finance by on September 18, 2015 2 Comments

Real Estate FinanceThe Consumer Financial Protection Bureau (CFPB) will institute new mortgage lending rules Oct. 3.

Over the past few months, NAHBNow has periodically alerted our readers to the impending changes so that they will be prepared and can avoid any unwanted closing delays.

In less than two weeks, the Good Faith Estimate, the Truth in Lending and HUD-1 Settlement Statements will be replaced by the CFPB’s new integrated disclosure forms, the “Loan Estimate” and the “Closing Disclosure.”

The biggest change is that the Closing Disclosure must be provided to the consumer a full three days prior to closing, and if there are certain changes during that 72-hour period, the closing could be delayed.

Listen to the replay of NAHB’s June 24 webinar to prepare those in the residential construction field for the impending changes, explaining how to work proactively with lenders and settlement stakeholders to avoid unnecessary delays to home closings.

Visit NAHB’s Hud-1 page to learn more about the new rules and download resources to help you comply. For additional information, contact Steve Linville at 800-368-5242 x8597.

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