Pending rules aim to hold lenders to their word

A form that everyone in the real estate world knows as a HUD-1 details every cost to the seller and buyer at settlement.

The law requires that the lender furnish the form at least a day prior to closing, but there is no penalty for their failure to comply.

In most jurisdictions, lenders struggle to provide the form in time and almost invariably do so.  In Manhattan, however, the law is overwhelmingly more honored in the breach than in the observance of its requirements.

Around a closing table last week, Continue reading