|
(a) Permissible changes--HUD-1. The following changes and insertions
are permitted when the HUD-1 settlement statement is reproduced:
(1) The person reproducing the HUD-1 may insert its business
name and logotype in section A and may rearrange, but not delete,
the other information that appears in section A.
(2) The name, address, and other information regarding the
lender and settlement agent may be printed in sections F and H,
respectively.
(3) Reproduction of the HUD-1 must conform to the
terminology, sequence, and numbering of line items as presented in
lines 100-1400. However, blank lines or items listed in lines
100-1400 that are not used locally or in connection with mortgages
by the lender may be deleted, except for the following: Lines 100,
120, 200, 220, 300, 301, 302, 303, 400, 420, 500, 520, 600, 601,
602, 603, 700, 800, 900, 1000, 1100, 1200, 1300, and 1400. The form
may be shortened correspondingly. The number of a deleted item shall
not be used for a substitute or new item, but the number of a blank
space on the HUD-1 may be used for a substitute or new item.
(4) Charges not listed on the HUD-1, but that are customary
locally or pursuant to the lender's practice, may be inserted in
blank spaces. Where existing blank spaces on the HUD-1 are
insufficient, additional lines and spaces may be added and numbered
in sequence with spaces on the HUD-1.
(5) The following variations in layout and format are within
the discretion of persons reproducing the HUD-1 and do not require
prior HUD approval: size of pages; tint or color of pages; size and
style of type or print; vertical spacing between lines or provision
for additional horizontal space on lines (for example, to provide
sufficient space for recording time periods used in prorations);
printing of the HUD-1 contents on separate pages, on the front and
back of a single page, or
on one continuous page; use of multicopy tear-out sets; printing on
rolls for computer purposes; reorganization of sections B through I,
when necessary to accommodate computer printing; and manner of
placement of the HUD number, but not the OMB approval number,
neither of which may be deleted. The designation of the expiration
date of the OMB number may be deleted. Any changes in the HUD number
or OMB approval number may be announced by notice in the Federal
Register, rather than by amendment of this part.
(6) The borrower's information and the seller's information
may be provided on separate pages.
(7) Signature lines may be added.
(8) The HUD-1 may be translated into languages other than
English.
(9) An additional page may be attached to the HUD-1 for the
purpose of including customary recitals and information used locally
in real estate settlements; for example, breakdown of payoff
figures, a breakdown of the borrower's total monthly mortgage
payments, check disbursements, a statement indicating receipt of
funds, applicable special stipulations between buyer and seller, and
the date funds are transferred. If space permits, such information
may be added at the end of the HUD-1.
(10) As required by HUD/FHA in FHA-insured loans.
(11) As allowed by Sec. 3500.17, relating to an initial
escrow account statement.
(b) Permissible changes--HUD-1A. The changes and insertions on the
HUD-1 permitted under paragraph (a) of this section are also
permitted when the HUD-1A settlement statement is reproduced, except
the changes described in paragraphs (a)(3) and (6) of this section.
(c) Written approval. Any other deviation in the HUD-1 or HUD-1A
forms is permissible only upon receipt of written approval of the
Secretary. A request to the Secretary for approval shall be
submitted in writing to the address indicated in Sec. 3500.3 and
shall state the reasons why the applicant believes such deviation is
needed. The prescribed form(s) must be used until approval is
received.
(Approved by the Office of Management and Budget under control
numbers 2502-0265 and 2502-0491)
Please do not hesitate to send us an e-mail (info@ruthtechnology.com) if you have questions, comments or if
you come across something that would contribute to this section.
Copyright ©
1999-2007 Ruth Technology Corporation
All rights reserved. |
