To all those banks, mortgage companies and realtors you don’t have much more time to provide crucial feedback or your thoughts on the newly proposed HUD1 forms. When the new 2010-HUD form came to be you probably got real confused when your title company started telling you that you under-disclosed. In fact, many banks still have yet to get a grasp on disclosing correctly. Luckily not much has changed in that regard for the new forms. The new forms are meant to be more “understandable” to the consumer.
The Consumer Financial Protection Bureau (“CFPB”) needs your input on how the new form will affect closings and your business. They are giving until December 21, 2011 to collect feedback, so visit their website today and share this link with friends and co-workers.
Providing input is simple and only requires your email address and zip code. Provide feedback to the CFPB on the new forms today!
There are currently two options remaining.
Here are two disclosure forms for the same loan product.
Which format would you prefer for your customer to use at closing to describe final loan terms and closing costs?
Vote for which form you prefer by clicking here.