Monday, April 2, 2012

Grassroots ALTA Effort to Weigh In on Final HUD-1 Changes

A final draft of the new HUD-1 has been made available for review by the Consumer Financial Protection Bureau.  The real estate title industry and other related fields have one final chance to weigh in on the new forms before they become final and are published in July 2012.  If you have any opinion of the new form it is imperative that you let the Consumer Financial Protection Bureau know your opinions, suggestions and comments soon.  One way to take action is via the ALTA Network Action Center:
The ALTA Network Action Center communicates industry concerns to the Congress and various government agencies before new laws are written and go into  effect.  They are and advocate and voice for the Title Insurance Industry.

An example of a few concerns with the new HUD-1 form:

1.  Making sure all seller costs are actually shown in the seller column not the borrower column.
2.  Costs associated with software and automation to comply with the new changes.
3.  Understanding the actual costs by combining them may actually be more confusing then keeping them listed apart for explanation and comprehension.
4.  Not having reference numbers on line items would be disastrous to some.

There are many other concerns floating around the industry.  Do your part and visit the ALTA Network Action Center and give your opinion.  Collectively we can make a difference and it only takes a little time to provide much needed information and insight.

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