Understanding the new HUD-1 Form

There are many key changes to the new Hud-1 form promulgated in the RESPA Reform Act. At first glance, the Hud-1 form itself may not seem to have changed much, with the exception of the addition of the new page 3. But have you really studied all the ways the new form change? And where do you go to start your analysis? Here at respaready.com, we strive to provide reference tools, action steps and thoughtful discussion, for anyone who participates in the real estate settlement process. Start your self-education now by reading Appendix C Section 3500 of the RESPA ruling, Instructions for Completing the Hud-1 form. And make it mandatory reading for everyone in your organization who plays a role in settlements.
 
Albert Einstein said “Know where to find the information and how to use it – That’s the secret of success”. We hope that respaready.com will serve as your vehicle for success in guiding your company and your partners in business through the RESPA reform process. But respaready.com will afford you even greater benefit if you don’t keep it a secret! Information and education is the key to making a smooth transition into full RESPA compliance. What a valuable tool to send to your customers, who in turn can send it to their clients. The more everyone knows, the better we all can serve one another!
 
Of course we will discuss Hud-1 line items in depth over the coming days. Make sure you are ready by reading the instructions carefully and becoming familiar with the new form .
 
RESPA Ready Action Items: Forward a link to www.respaready.com to at least 5 of your customers or friends who are lenders, mortgage brokers, realtors, attorneys or others involved in the real estate settlement process!