Transaction Procedures & Fees Archive

Understand the Oct. 3 Changes to HUD-1, Closing Process

The days of filling out the HUD-1 settlement form and getting a Good Faith Estimate (GFE) from the lender are winding down. On August 1, those two forms are going away. The Truth in Lending Act (TILA) disclosure form...
February 17, 2015

Proposed HUD-1, GFE Revamp: Too Much?

About two years ago, the U.S. Department of Housing and Urban Development revamped the HUD-1 Settlement Statement and the Good Faith Estimate (GFE). Among other things, the forms were shortened and some “tolerances” were added to decrease the incidences...
July 19, 2012

REALTORS® Ease Closing Cost Woes in N.Y.

Closing costs in New York state are high, so you can imagine that coming up with the money for first-time buyers is a challenge. That was a problem the New York State Association of REALTORS® identified several years ago,...

Help for Battling Private Transfer Fees

By Robert Freedman, senior editor, REALTOR® Magazine In real estate, the fewer things that stand in the way of transfer of clear title the better. Of course, as a practical matter, we accept that some properties come with some...
February 12, 2010

Is the New GFE an Improvement?

By Stacey Moncrieff, editor in chief, REALTOR® Magazine Happy New Year, everyone! As usual, we’re ringing in the new year with a lot of unfinished business (health care reform, financial institution reform, and so on). One thing that was finally settled,...
December 31, 2009

An Under-the-Radar Win for Common Sense

By Robert Freedman, Senior Editor, REALTOR® Magazine It’s a small thing, but it’s impact could have been big. Some new federal lending rules take effect tomorrow (under HOEPA—the Home Ownership and Equity Protection Act) and among them is a...
October 1, 2009

Final RESPA Rule Rundown

By Sarah Trzepacz, Content Strategist, REALTOR.org Expert Phil Schulman drew an over-capacity crowd to his session on HUD’s recently issued final RESPA rule. During the session he described changes in the six main components of the rule, identified winners...