Anyone that participates in real estate closings is dreading the new HUD-1 form that is required beginning 1/1/10.

The new HUD-1 form (this is the closing statement that shows all of the sellers and buyers costs and their “bottom lines”) includes a third page that references the good faith estimate given to the buyer by the lender.  It directly compares the figures from the good faith estimate with the final, actual figure.

It’s a step in the right direction, but it strikes me as complete overkill.  Predatory, overcharging lenders were a problem 4 years ago, not now.

Related posts:

1. Say goodbye to 30-day closings due to new regs
2. Reasons not to use a mortgage broker
3. Don't give Buyer the steering wheel in short sale
4. Wait for new form to file for real estate tax credit
5. Where's My Homeowner's Exemption Packet?