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Video instructions and help with filling out and completing Hud-1 replacement
Instructions and Help about Hud-1 replacement
Hi everyone Aneesa here with fikriye and I wanted to go over with you closing disclosures and how to read them the head one and TI la replacement form so here's a question that came in I bought my last investment property in 2022 and I'm pretty sure the HUD one form is gone now what farm is being used instead so since August 2022 both the previously used HUD one form and the Truth in Lending Act disclosure are gone and they've been replaced by streamlined closing disclosure that has elements of both the former two documents kind of built in the closing disclosure so it in compliance with the law the closing disclosure is to be delivered by the creditor to the buyer three days before the loan is to close the numbers on this form are significantly match the numbers on the loan eand that is a form that must be given to the buyer three days after their application is received and so those numbers are going to match as close to possible as the numbers on the closing disclosure the borrower is to go through the closing disclosure and the loan eand verify that there are no major changers changes between the two and numbers it used to be where people would try to give you that HUD one form and the TI la forms as close to closing as possible within hours giving the idea or the idea being the less people that read it the fewer mistakes will be found and the more we can get pushed through so page 1 here of the closing disclosure is gonna have loan terms including monthly payments amount due to and cash a closed and escrow numbers the loan amount interest rate monthly principal and interest and any prepayment or balloon payment amounts page 2 is going to list the cost of all parties involved and those are going to include the borrower sellers and any others and they're broken down line by line and include all fees closing cost details and loan costs three columns left to right are going to read borrower paid seller paid and paid by others for those familiar with the hud-1 forms this is very similar to page two of the HUD one form page three is calculating cash to close table it's a three column table left or right reading loan efinal did this change if there were any changes from the eloan paperwork to the final columns they're labeled yes or no yes item said there's an assigned a why for example see seller's credit section line L the second table is the summary of transactions again breaking down who pays what this page is similar to page one formerly used in the HUD one form page four contains the loan disclosure well lender accept the partial payments if the loan is assumable or not if there are demands on the loan if.