The HUD 1 Settlement Statement (also known as a Closing Statement) is the document you sign when you close on a mortgage. Unlike the application, once you sign the HUD1 the deal is done.
The Good Faith Estimate is one of the documents you get at application and is supposed to be the initial estimate [...]
This is a great question because I’ll bet a $100,000 not one mortgage broker in a thousand knows the answer to the question or abides by the rules.
Lender Redisclosure Requirements
Redisclosure rules are set down in the Real Estate Settlement and Procedures Act…a Federal law and I found the section covering redisclosure.
Here it is …
19(a)(2) [...]
The HUD 1 settlement statement is the only place to locate the exact amount of yield spread premium you were charged. Of course, by then it’s probably too late!
Other non settlement statement mortgage disclosures specifically the Good Faith Estimate (the mortgage application disclosure) are useless for discovering yield spread premium overcharging since most brokers [...]
Terri and I wrote this manual on dealing with servicing companies dead-set on taking your house. Get the tools to fight back!
You can save your home from foreclosure if you know who to talk to, what to say, and just how to say it!
Learn how to sound like a banker and save your home today.
It took us months to write this step-by-step guide for mortgage shoppers on all the "insider" tricks used to steal $1,000's on every mortgage.
Don't fall victim to the lies, "bait-n-switch", and other under-handed tactics used to line the pockets of unscrupulous lenders.
Learn today and save!
