Your Next Closing Maybe Different

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At the next closing you attend, you will see a new HUD-1.  The HUD-1 is the 8 by 14 paper that the seller, buyer, and the closing agent all sign to transfer ownership of a property.

The reason for the changes to the HUD-1 was done to allow the consumer the ability to understand the differences between the good faith estimate received at time of application and HUD-1 received on the day of closing.  There are other changes that the HUD-1 will receive, but it is estimated that it may take as long as a year to complete all the updates.  Other changes include:

• improvement to the HUD-1 to make it easier for a consumer to determine the yield spread premium that is to be paid to the mortgage broker
• Still yet, another change will prevent mortgage brokers from changing certain costs that are stated on the good faith estimate. 

Remember to read all documents that you sign when you orginate your mortgage and make sure that you understand your good faith estimate.  The new HUD-1 will help you to easily see if any cost have changed since the orgination of your mortgage so compare the good faith estimate to the figures on your HUD-1.

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