Posted by John/CT
on November 13, 2008, 1:39 pm, in reply to "Final Rule published by HUD"
70.188.157.77
Thanx for posting the link, Paul.
According to HUD, their goal is to improve consumer understanding of the costs and terms of their mortgage loans. Most of this 341-page document is devoted to technical details, along with the original March, 2008 proposals, responses from various sources, and final HUD determinations.
There are, however, two items of special interest to us as NSA's: First, is the complete overhall of the Good Faith Estimate (GFE), covering three pages of details not seen in the earler version. Hopefully, the borrowers will have received and reviewed this with their L.O. well in advance of our arrival. (How many times have we heard borrowers tell us they never got one?!?!); Second, is the re-worked two-page HUD-1/1A. The first page pretty much looks like the current version. The second page is a summary that provides a comparison of the charges shown on the GFE and the HUD-1/1A, along with a listing of the final loan terms ... as a substitute for the "closing script". Hopefully, again, there will be no surprises here. But ..... 
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