The standard HUD-1/1A forms are being updated for Construction to Perm loans that become ARM loans. The “Can your interest rate rise?” section will more accurately reflect when and by how much the interest rate can change, taking into consideration both the construction-only period of the loan and its adjustable rate period. The standard documents that will be modified are:
Cx14222 HUD-1 01-01-10
Cx14223 HUD-1A 01-01-10
These changes will be made on October 23, 2014. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
October 16, 2014