OMB Approval No. 2502-0265 A. Settlement Statement HUD-1 B. Type of Loan FHA RHS VA 8. Mortgage Insurance Case Number Conv. Ins. C. Note Conv. Unins. 6. File Number 7. Loan Number This form is furnished to give you a statement of actual settlement costs. Less reductions in amounts due seller line 520 To Borrower To From Seller The Public Reporting Burden for this collection of information is estimated at 35 minutes per response for collecting reviewing and reporting the data. This agency may...
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Hello homebuyers and real estate agents the hud-1 is going away and I'm going to explain in detail how to read the new closing disclosure and what that means to you but first especially for home buyers you want to realize what a real estate transaction is like it's like dominos as you see on the picture here you set up all kinds of dominoes and that's the same as a real estate transaction there's many little steps that need to be accomplished before we can actually close the deal now if there's any one of these dominoes or one of these steps that are left out that isn't completed then you're not going to get the deal done it's not going to close so it's so important that you have a system in place to make sure that all the little things get taken care of so there's not a delay especially with this new law that says this closing disclosure form has to be complete and accurate three days before the close of escrow now it used to be that real estate agents would forget to order a home warranty let's say until the last minute now that could cause if you get the the invoice in from a home warranty company which could have been ordered the day you opened escrow a month earlier or two months earlier if you wait till the last day you might actually cause the escrow to be delayed three days because of the three-day waiting period to be able to look at the final numbers before closing so again it's really important for you to have a system in place now I have it what's called the trans tract system or transaction tracking system this is a template of what it is you can look at that later I'll provide a link so when you hire a real estate agent you want to make sure that they're using the trans tract system to avoid any delays in your closing now first let's take a look at what this new form is replacing as you can see I'll provide the link to this webpage the Consumer Financial Protection Bureau web page that shows as you see before there was a forum called the initial Truth in Lending disclosure and a Good Faith Estimate those were two forms that would be provided by your loan officer at the time that you applied for the loan now those two forms are be consolidated into one form called a loan estimate I'm not going to go over these forms today but I'm going to go over the next forms they used to be a final Truth in Lending disclosure and what was called the hud-1 settlement statement that gave you all the final numbers and usually what happened is that hud-1 settlement statement you get an estimate before close then it would close and then after close you to get the actual final numbers now the new rule says you don't get an estimate ahead of time you have to have the final numbers three days before closes and so those two forms are being replaced by the new closing disclosure and but you can go to this webpage and you'll see view the closing disclosure as a PDF here I've got a copy of it right here it's a five page long document I'm going to go over in...