According to www.HUD.gov, HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement, in accordance with the Real Estate Settlement Procedures Act. The RESPA rules that went into effect on January 1, 2010 changed how the HUD-1 form is completed, and the form itself underwent change.
This one-hour self-study online course will review each field on the HUD-1 and HUD-1A and identify requirements for completion of each field to comply with RESPA. Focusing on the new form and its completion, this course provides a detailed explanation of each field and several examples that are designed to clarify specific loan situations.
After completing this course, students will be able to:
• Recognize each field on the HUD-1 and HUD-1A
• Identify requirements for completion of each field
• Complete the HUD-1 or HUD-1A in compliance with RESPA