Written by Richard Triplett, CMB*

Continuing the series of articles on the RESPA Final Rule, this article will focus on the revised HUD-1 Settlement Statement. There are a number of revisions to the HUD-1 that on the surface seem fairly clear; however, HUD has thrown in some curve balls in accurately completing this revised form. With the inclusion of an additional third page, as well as changes to how and what to include in both the borrower and seller columns, it is wise to take the time to go through the instructions included with the final rule as you begin the process of implementing the new form. Even if you feel you have a grasp of the changes to the GFE, there are a number of changes to the HUD-1 that are not glaringly obvious and should be fully understood for implementation and necessary staff training.

This month DSI posts loan programs of Bank of America, N.A. (Correspondent) and updates to the loan programs of CitiMortgage - Correspondent Division and U.S. Bank N.A. to its Compliance page. Find out the description of each investor's loan program, which promissory notes, prepayment riders and addenda are used, and what the rate caps and interest-only periods are for variable rate loans by visiting our Investor Updates page.

In order to keep DocMagic software users better apprised of document changes and additions as they occur, DSI posts listings of all newly created and revised documents. Here is the list of forms created or modified in April, 2009.