Looks like the federal government is considering changes to the settlement statement, also known as the HUD-1. Check out today's Richmond Times-Dispatch article on the topic. The HUD-1 is the official form document that buyers and sellers receive at a real estate closing that shows who pays what to whom and all the costs and fees that add up to the ultimate cash FROM the buyer and TO the seller. What is lacking in the current required regime is what every buyer wants to know - how much cash to I have to bring to the closing table to buy this house?
So, the Consumer Financial Protection Bureau is rolling out the "Know Before You Owe" progam, and asking for public feedback on two proposed forms that would replace the curremt HUD-1. Check out www.consumerfinance.gov/knowbeforeyouowe to weigh in in the process.
And here is hoping for a kinder, gentler, easier to understand, settlement statement. And that we don't have to change the financial disclosure process again any time soon.
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