Lenders to Begin Using New 2010 HUD-1s on July 31st?

 We’ve had several calls lately from people who want to get ready for the 2010 HUD-1 form (that’s great). They say they’ve heard of a major lender or two getting ready to use the forms this week (that’s maybe less great). Please be sure you know the difference between the new Truth In Lending requirements under the HERA/MDIA rule vs. the use of the new GFE & HUD-1 forms required under RESPA. 
 
If you’ve followed along with us on our RESPA ready path, you likely know the difference and have challenged anyone who is saying that Lenders will begin using the “new forms” this week. I encourage you to ask “which new forms?” and explore exactly what they mean, rather than simply take their statement to mean they are switching to the new GFE/HUD-1 forms.
 
One major lender sent out an e-mail recently that confused some. Here is a link to their web-posting which indicates that effective July 31st, they (as well as others) will begin to conform with the new Truth In Lending guidelines put in place by the HERA/MDIA rule.
 
Of course, we don’t ever want to discourage anyone from RESPA readiness, but we also want you to be ready for all changes as they come along (and not scrambling to cram for a test that isn't coming until later in the semester). So feel free to ask any questions you might have about MDIA created TIL changes, vs. RESPA related GFE/HUD-1 changes.