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A 30-day Cure PeriodThe effective date of this change is January 1, 2010. At the closing table, if costs have changed more than the 10 percent limit, the deal can close, but the cost discrepancies must be worked out within 30 days. 2
Lender Cost EstimatesThe effective date of this change was January 16, 2009. Lenders are permitted to use an average for estimating 3rd party costs such as appraisals, inspections, and environmental tests when filling out the GFE. This change makes the likelihood of the transaction running into trouble at the closing table when actual costs are presented on the HUD-1 less probable. Additional ResourcesRelated Questions1 Attorney answers: 
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