The Department of Housing and Urban Development has announced significant changes to the Good Faith Estimate and the Real Estate Settlement Statement (HUD-1). The changes will provide more clarity and protection for consumers. The Group, Inc. Real Estate sales staff received training this week on the changes from Stu Hoime, Venture Manager of The Group Guaranteed Mortgage and Cheri Knopinski, Business Development Manager of The Group Guaranteed Title.
The new documents which go into effect on January 1, 2010, require a detailed comparison of the Good Faith Estimate with the Settlement Statement at the time of closing, assuring the purchaser the loan terms they receive at closing are the same as the terms they agreed to initially.
For more information, contact a Group Guaranteed Mortgage loan officer at any of The Group, Inc.’s 6 offices in Northern Colorado.www.thegroupinc.com