We NEED Your Input -- The New-New HUD-1

  • 07/09/2012 1:23 PM
    Message # 1002554
    Anonymous
    CFPB has released the proposed Final Rule consolidating the Truth-In-Lending and RESPA disclosures (GFE & Closing Statement).  The actual rule can be reviewed here.   

    The deadline for comments is September 7, 2012 for two code sections, and November 6, 2012 for everything else.  We ask that our members add comments to this Title Forum that we can consolidate and relay to ALTA which is taking point on this project. 

    Thanks much
  • 07/09/2012 2:38 PM
    Reply # 1002638 on 1002554
    Beverly Mcreynolds (Administrator)

    While I have not made it through the 1,009 pages, the first thing that jumps out is that they have left the word "optional" next to the owners' title policy.  I was under the impression that ALTA had convinced them to eliminate that. I find this disappointing on two levels. First, the inference that the owners' policy is not important and second, and perhaps more important, if they ignored this, what have they done with the rest of our suggestions!

    Beverly McReynolds

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