Printable_BrochureThis program provides a detailed review of the newly revised HUD 1/1A and step-by-step instructions for completing the forms.
The Department of Housing and Urban Development (HUD) recently approved a final rule that completely overhauls the requirements of Regulation X, the implementing regulation for the Real Estate Settlement Procedures Act (RESPA). While some the revisions are already in effect, most of the new rules, including the new rules for the Settlement Statements (HUD-1/1A), are effective January 1, 2010.
Revised Regulation X makes major revisions to RESPA’s HUD-1/1A. Among other changes is a side-by-side comparison of the numbers from the Good Faith Estimate and the HUD-1, along with a calculation that assures that the tolerance limits are maintained.
The most significant changes to RESPA and Regulation X involve the revised forms. Every mortgage lender and settlement agent in the nation will have to deal with the new HUD 1/1A. This webcast provides:
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A complete explanation of the new HUD 1/1A;
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Detailed instructions for completing the both forms; and
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An explanation of the coordination that must exist between the lender and the settlement agent.
> Upon completion of the program participants will understand:
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The new three-page HUD-1;
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The new two-page HUD-1A;
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The new instructions for preparing both the HUD-1 and the HUD-1A;
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How to calculate closing costs using the new average cost pricing method;
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Special entries on the HUD-1/1A to compensate for seller's items disclosed on the GFE;
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The new comparison of GFE and HUD-1/1A charges, with the tolerance check; and
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The new loan terms disclosure.
Workshop Resources: This program provides a detailed review of the newly revised HUD 1/1A and step-by-step instructions for completing the forms. Program participants receive a detailed manual, accompanied by a 1 hour 13 minute video webcast.
Expected Audience: The program is designed for compliance personnel, lenders and management of financial institutions and mortgage lending companies, mortgage brokers, and settlement agents.
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Speaker: Jack Holzknecht, is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for twenty-eight years. He has the ability to identify the key compliance issues from each regulation. Jack's career began in 1976 as a federal bank examiner. He later headed the form and software and education divisions of a regional consulting company. |
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