Seattle Real Estate: The 2010 GFE and HUD-1 and how it affects you
Seattle Real Estate has seen many changes, few are more important than in the new laws both the Good Faith Estimate (GFE) forms and the HUD-1 Settlement Statements have implemented as of January 1st, 2010. There are still discrepancies in interpretation of these new regulations and you can expect some changes & clarifications as our industry works through the issues. These changes have been enacted uniformly throughout the United States as Federal Law and consequences for failure to comply are severe.
Items of interest to look for on the new HUD Settlement Statement:
Real Estate Commissions Paid
If the earnest money deposit is being held by the selling Agent’s office, that amount will appear on page 1 of the HUD (in the 500 section) and won’t be included in the escrow company’s disbursement section on Page 2 (in the 700 Section).
Owner’s Policy of Title Insurance
The seller will continue to be responsible for the cost of the Owner’s Policy of Title Insurance, however regulations require it to be shown as a buyer’s cost (line 1103 on Page 2). That amount is credited on Page 1 to the buyer (in the 200 Section) and charged on Page 1 (in the 500 Section) to the seller.
GFE & HUD Disclosure
Escrow is now required to show a side-by-side comparison between the actual charges and those quoted on the GFE:
- Costs that cannot change
- Costs with 10% tolerance
- “Unpredictable” costs that can change with no tolerance restrictions. These are found on Page 3 of the GFE.
Restatement of Loan Terms
Escrow is now required to complete the section on Page 3; “Loan Terms”. This is a restatement, in clear language, of the terms of the Promissory Note and is provided to the Escrow Company by the lender funding the loan.
Welcome to the New World Real Estate Market!
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