How does the Department of Housing & Urban Development affect daily life?
I am writing a report on the fifteen different Cabinet Departments under President George W. Bush.
I have been able to get all the way through the past fourteen constituents, however; I am currently wound up on the Department of Housing & Urban Development.
I pretty much understand the responsibilities of this department.
Also, I need three examples of how this Cabinet department affects the community and/or daily life... Is anybody able to help me?
I work with the HUD on a daily basis. I work for a Title Company. Whenever somebody buys a home--by law, we must fill out a settlement statement called "HUD-1" This is a standard settlement statement that we must fill out on every property and refinance that we perform. The "hud" as we call it lists all the money the buyer of a home (or refinancier) must pay. Usually alot of the monies come from a Mortgagee. There will also be fees associated with our closing costs by the mortgagee (the lender) and our title company..as well as appraisers, surveyors, or even unpaid tax and labor liens that the buyer must pay in order for that loan to take superiority on title as the first lien holder. The hud secondly holds all cost and net gains the seller will receive or have to pay. The hud is then signed at the closing table--along with loan documents or cash sale or vendor deeds. We the title company act as an Escrow Agent between the buyer and seller or the Mortgagee and Mortgagor. We take money from the buyer and hold it in escow (or a sitting account) which is then used to pay other services that were assciated with the sale. Even the buyer pays certain fees (though usually they are taken from the proceeds.
Of course there are many other ways the Department of HUD may affect us Americans--this is my daily work with them.
I will give you a daily report of my experiences as a seller...
daily report writing
daily report writing
daily report writing
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