HUD-1 Going Away: Understand New Closing Forms, Procedures
The HUD-1 settlement statement and Good Faith Estimate forms are going away on October 3. The Truth in Lending Act disclosure is going away as well. In their place will be a new closing disclosure and a new loan estimate. There will be changes to the closing process as well, including a new rule requiring everything to be in place three days prior to closing. And last-minute changes face new hurdles. Learn about the changes in this walk-through.
* Update 8/11/2015: Because of an administrative error in providing notice about the new changes, the CFPB has changed the effective date for the use of the TILA/RESPA Integrated Disclosure forms from August 1, 2015 to October 3, 2015.