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Wyatt Bell's Blog

New CFPB Settlement Disclosure Form (HUD 1/1A)
by Wyatt Bell | 2011/11/08 |

The Consumer Financial Protection Bureau has issued the 1st proposed Settlement Disclosure Form which will replace the GFE HUD 1/1A.   


Wyatt Bell's Blog ::

As many of you know these prototypes have been a roller-coaster ride regarding whether itemization has returned. Based on a quick view of the new CFPB Settlement Disclosure Statement it appears we may be headed back towards more resemblance to the original HUD 1/1A.

   Hornbeam example (pdf file)

   Ironwood example (pdf file)

You may vote your preference at KNOW BEFORE YOU OWE.

The tolerance section has been redesigned. There's a "total" 10% tolerance whereas the current GFE HUD 1/1A has 3 sections for tolerances.

We will obviously have to wait for further clarification and rule pronouncements to know the details.





181 words | 2365 views | 7 comments | log in or register to post a comment

now they are getting closer
WOW these actually make sense. Can we hope that the feds see the light? 
by CHARLENE PERRY | 2011/11/08 | log in or register to post a reply

FEDs May Get It!


I'm with you!

I'm holding my breath ever so little that the FEDs realize they had created an Edsel with the GFE HUD.

It would be helpful to get some preliminary rules or thinking from CFPB.



by Wyatt Bell | 2011/11/09 | log in or register to post a reply

I voted for "Ironwood"

One extra page, but I prefer the larger print and cleaner arrangement of items.  I'm not an expert on these forms like those of you who handle closings, and didn't look at them in fine detail, but there doesn't seem to be a whole lot of difference between the two.


by Slade Smith | 2011/11/09 | log in or register to post a reply

Iowa as the State for Title?!?

I've had a chance to look over the forms in a little more detail and one thing that struck me was the title insurance was payable to "Treasurer State of Iowa". Is this a hint do you think??

Also, on the Ironwood Bank example there's an amount of $3,216.44 on page 5 titled "Total of Other Costs In Connection with the Loan". We've been trying to determine from where this amount is derived. Nothing seems to add up for this particular item.


by Wyatt Bell | 2011/11/09 | log in or register to post a reply

Typo or math error perhaps?
There's no combination of line items on page 3 that will yield an amount of cents that ends in 4, no matter how you choose them.   
by Slade Smith | 2011/11/09 | log in or register to post a reply

I agree. Its cleaner but it still has needless duplication which I commented on at the Know before you Owe site. 
by CHARLENE PERRY | 2011/11/09 | log in or register to post a reply

Typo or math error?

I thought I had it figured out, but no.  You are right, no matter how I manipulate these numbers I can't get to that figure.

While I too would suggest either a typo or math error, I am somewhat perplexed because the software usually adds, substracts, etc. Now I have to solve this puzzle for my sanity. 

Thanks Slade.  I can always count on you to make me think  :)

by CHARLENE PERRY | 2011/11/11 | log in or register to post a reply
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