The standard HUD-1/1A and Good Faith Estimate forms are being updated for loans with deferred payment for the life of the loan. The content will better match the information displayed for these types of loans on the current Truth-in-Lending Statement “Interest Rate and Payment Summary” table, to reflect an initial payment of $0.00 and the final balloon payment. The standard documents that will be modified are:
•Cx14222 HUD-1 01-01-10
•Cx14223 HUD-1A 01-01-10
•Cx14221 Good Faith Estimate 01-01-10
These changes will be made available as they are completed, beginning immediately. If you have any questions or concerns about this change, please contact Client Support at at 1.800.497.3584.
August 1, 2014