First of all, Happy New Year 2010...my kids enjoy First Night Columbus as you can see in the photo. It is a wonderful family venue, if you haven't tried it, do it next year!
So, now that the dust has settled, it will be interesting to see who has been on top of the new rules and regulations for the HUD statements starting this year. Yes, if you have not heard, it is all new and improved to make it easier for the consumer to make sure that they understand all that is involved in buying a home. Unfortunately, in order to make it easier, they went from 2 pages to 4 pages, doubling the paperwork. Hardly a step in the "green" direction.
I can see where they were heading with this whole bundling concept. Truly, it was inspired with a concern in the right place. Buyers do have the right to know what they are bringing to closing. However, I am not fond of the way they tried to shoe horn everyone into the same size fits all. It doesn't work that way in real life. People have to move when the truck is outside idling in the driveway. The way it reads now, is that the good faith must match perfectly or it doesn't close...FOR THREE DAYS! Now, in the perfect world, everyone can move backwards or forward 2-3 days, but with domino closings, or out of state buyers this can wreck havoc on their carefully laid plans.
Get ready for the term "bundling" or POBOB will be very popular. It is an acronym for "paid on behalf of buyer". I just may need to have my trusty tweens help me figure out the rest!
Hug your title person or loan office next time you see them. They are in the midst of change, and it hasn't been easy on them!
Take care and keep warm!!! Susan
No comments:
Post a Comment