Consumer Protection Board unveils proposed HUD-1 & GFE

Posted on by Evan in General Mortgage Info.

The Consumer Financial Protection Bureau (CFPB) unveiled a new HUD-1 settlement statement recently which provides a clue as to what the new Good Faith Estimate (GFE) will look like in the future.  I’m not aware of the timeline for implementation of these new mortgage disclosures but I suspect it will be in the next 12 months.  The very knowledgeable Ken Perry of Broker Knowledge Group did a video blog post on this subject which I’d encourage you to watch at THIS LINK.  If you have interest in looking at these disclosures in greater detail or if you have input for the CFPB then you can surf over to their site at THIS LINK.