Again, we can look to the introduction of the GFE and HUD-1 forms
as an example.
This guide is designed to assist mortgage lending and compliance staff with properly completing the new Good Faith Estimate and HUD-1 forms
, required by the new RESPA disclosure rules.
The revised rules require taxpayers to submit copies of their settlement statements (HUD-1 forms
), along with their requests for credits using IRS Form 5405.
The RESPA changes completely overhaul the Good Faith Estimate and HUD-1 forms
. The changes are intended to save consumers money and improve comparison shopping between different lenders.
Bob has made the firm's catalog of proprietary forms available online and has overseen the development of software packages that guide users through the step by step process of completing everything from divorce documents, to HUD-1 forms
, to bankruptcy filings, to the formation of legal entities such as limited liability corporations.
The new GFE and HUD-1 forms
require data remapping to accommodate new fields, because some existing field numbers have changed.
Anne Canfield, executive director of the Consumer Mortgage Coalition, Washington, D.C., agreed with MBA, and cited the need to keep both GFE and HUD-1 forms
as simple as possible.