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Video instructions and help with filling out and completing hud 1 vs closing disclosure
I really like the CD the closing disclosure versus the HUD because first and foremost we're no longer referring to it as a HUD because that confuses people with HUDs housing Urban Development so why do you call the terms used very lightly yeah yeah I mean it goes everywhere with all sorts of stuff in the real estate business but you know that that to me cleans that up then the CD itself it's more I don't want to I don't know if I can say transparent but it I think it it definitely does a much better job of more or less categorizing things presenting things in a better way the only thing that I think that's really gonna throw anybody for a loop is the tip which is a total interest percentage the truth in Truth in Lending form where it gave you the annual percentage or the total interest paid over the course alone right and a lot of people look at that number like okay my rate is X I'm borrowing let's say two hundred thousand but your total payments back is like you know double the double that you know four hundred something whatever and the tip the total interest the total interest percentage is a large number that kind of I think is gonna throw some people for a loop just because the government is trying to say hey this is what you're gonna Altima Lipe at the end of the transaction now what do you know for us the biggest thing that we're seeing with the closing documents is the government now wants the consumer to see the full cost regardless if the sellers paying anything so like right now its traditional and it's you know a common thing that the seller provides title insurance and that's typically written to the contract with probably at least 95 percentage of all transactions wouldn't you say here in Tennessee yeah other than new construction get new constructions one of the big variables but the way we disclose it now is we can disclose that credit but going forward we have to disclose the full cost as if there is no Co issue discount and the seller is not paid anything for the time so how how do you foresee consumers reacting to that well one of the biggest changes on the closing disclosure you're gonna see is it's gonna reference owners title insurance as being optional okay most of the time I can tell you that consumers probably are never asked do you want this or do you not want that they just typically get it the seller pays for it right it's just it's just what comes across that comes across the contracts to do that but this one's going to say optional the way it's going to be this close is gonna be completely different than the way people have seen it in the past