New simplified mortgage disclosure form from HUD

Effective January 1, a simplified mortgage disclosure form written in plain English has been rolled out by HUD just in time for the new year.

This should help reverse the longstanding trend of banks and unscrupulous mortgage loan officers routinely cheating people with bait-and-switch mortgages at the closing table. A lender would promise one mortgage package and then show up with another more expensive one at the last minute. And this practice was entirely legal! NOT any more.

Now we have the new HUD-1 Settlement Statement. There's also a comparison sheet that encourages you to shop around for a loan. Remember, comparison shopping is the best truth serum out there in the mortgage business.

Finally, there's new disclosure about the funny business that's gone on with title insurance in the past. In some states, you can shop the premium -- but that's a fact that a bank would likely never reveal to you.

In the 18 years that I has been in the mortgage business, I has successfully closed over 3,000 loans that total to almost $1 billion in production. My goal is to make your mortgage experience as easy as possible. I have developed a large past customer base because of my fair and honest practices. The new changes will not effected the way I do business, it just makes everyone else have to raise their standards. Call me today for a list of our programs and remember to shop you current lender and I can help you with this. 864-451-7894