Where’s the HUD?
You may have heard the Consumer Finance Protection Bureau (CFPB) has made new rules regulating the mortgage industry. No one, including the CFPB, is quite sure when the new rules will take effect, but the industry has been assured that it will be in 2014.
One of the most noticeable changes that real estate agents, loan officers and buyers and sellers will see is a new form. The good old Housing and Urban Development Form-1, known to most as the “HUD-1” or Settlement Statement is going the way of the dodo bird. (more…)