Could the New HUD 1 Delay Your Tacoma Home Purchase?
Posted by Lisa Corelli on Friday, December 11th, 2009 at 2:13pm.On January 1st, 2010, new RESPA guidelines require the use of a New HUD 1. The new settlement statement requires additional disclosure to the buyer, and compares final charges to those represented on the buyers Good Faith Estimate. As title companies, escrow agents and loan officers get used to the new system things will get delayed. Inevitable disputes will arise between the involved parties concerning proper compliance and the proper meaning of the rules. The form itself is straight forward but questions will come up. For those purchasing a home in the Tacoma area, most lenders, title companies and escrow agents are fully prepared (or are in the process of preparing) for the new form. However, if you have a Dec 31st closing date, make sure your home closes on time. If you're closing in the first week of January, we may see some delays as we deal with the learning curve.
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